By Utelnova News Desk | October 13, 2026

Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its initial public offering (IPO) by two weeks, giving prospective investors more time to apply for shares in the company.

The offer, which opened on September 14 and was originally scheduled to close on Tuesday, October 13, will now remain open until October 27, 2026, following approval from the Securities and Exchange Commission (SEC).

The extension is aimed at allowing more investors in Nigeria and other African countries to participate in the share sale.

Why Dangote Extended the IPO

President of Dangote Group, Aliko Dangote, said the decision was driven by the company’s desire to broaden public participation rather than simply raise more money.

According to reports, Dangote disclosed that subscriptions had exceeded the original fundraising target several times over. He explained that the company wanted more people across Africa to have an opportunity to own shares in the refinery.

The company is also working to improve access to the offer through additional distribution channels and arrangements that could make cross-border investment easier for eligible investors.

How Much Are Dangote Refinery Shares?

The IPO comprises 4.1 billion ordinary shares offered at ₦525 per share.

Based on the stated offer price, a minimum subscription of 10 shares costs ₦5,250, excluding any applicable charges.

The offering is intended to broaden ownership of the refinery while supporting its long-term expansion plans.

What Happens Next?

The additional two weeks will give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements.

The extension also forms part of efforts to widen participation beyond Nigeria, including through initiatives to improve access for eligible investors in other African markets.

However, prospective investors should understand that buying shares carries investment risks, and participation does not guarantee profits or dividends.

The SEC has advised the public to use only officially approved subscription channels and to verify investment platforms before submitting personal information or transferring money.

With the new deadline set for October 27, attention will now turn to how the extended offer affects investor participation in one of Africa’s most closely watched corporate share sales.

Utelnova will continue to bring you updates on the Dangote Refinery IPO and other important business developments.