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Dangote says IPO subscriptions have exceeded its fundraising target, with focus shifting to broader African ownership.
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SEC approves a two-week extension for the 4.1 billion-share offer priced at ₦525 each.
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Kenyan lawmakers reaffirm support for Dangote’s proposed Lamu refinery project.
October 12, (THEWILL) – Dangote Petroleum Refinery and Petrochemicals has extended its ₦2.15 trillion initial public offering (IPO) to October 27, 2026, following approval by the Securities and Exchange Commission (SEC), to accommodate rising investor interest across Africa.
The offer, which opened on September 14 and was initially scheduled to close on October 13, involves 4.1 billion ordinary shares priced at ₦525 each. The extension gives prospective investors additional time to complete account opening, identity verification and other regulatory requirements.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said subscriptions had already exceeded the company’s fundraising target, stressing that the priority was to expand African ownership of the refinery rather than raise additional capital.
African Participation Drives Extension
Speaking during a visit by Kenyan parliamentarians to the refinery in Lagos, Dangote said subscriptions had reached several times the amount the company intended to raise.
“The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate”, he said.
Dangote explained that discussions with the Nairobi Securities Exchange had helped identify a framework for facilitating participation by Kenyan investors, with similar arrangements being explored across other African markets.
The company is also working to broaden access through additional distribution channels and depositary receipt programmes, subject to applicable regulatory requirements.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the extension would give more investors across the continent an opportunity to participate in the offer and share in the company’s future growth.
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Offer Targets Wider Shareholder Base
The IPO forms part of Dangote’s ambition to broaden ownership of the refinery among African investors. The 4.1 billion shares on offer at ₦525 each are valued at approximately ₦2.15 trillion, making it a significant transaction for Nigeria’s capital market.
The refinery, with a capacity of 700,000 barrels per day, is also central to the Group’s wider industrial expansion plans across Africa.
The extension provides additional time to convert interest from investors outside Nigeria into completed subscriptions, while widening access to the offer through cross-border investment arrangements.
Kenyan Lawmakers Back Lamu Refinery
The IPO extension coincides with renewed support for Dangote’s proposed investments in East Africa. During the visit, Majority Leader of Kenya’s National Assembly, Kimani Ichung’wah, reaffirmed the delegation’s backing for the Group’s planned Dangote East Africa Petroleum Refinery and Petrochemicals project in Lamu.
Ichung’wah said the proposed refinery could support Kenya’s economic development and strengthen regional integration, with benefits extending beyond the country.
“We are also looking at it as an opportunity to reshape the destiny not just of the Kenyan state, but the East African region at large, and the global oil industry”, he said.
The delegation included representatives of Kenya’s majority and minority leadership, lawmakers from Turkana and Lamu counties, and members of the National Assembly’s Energy Committee. The lawmakers toured the Lagos industrial complex, including the refinery and Dangote Fertiliser Limited.
Ichung’wah also argued that the Lamu project’s importance extended beyond any single government’s tenure, reaffirming the delegation’s support for Dangote’s investments in Kenya and the wider region.
The extended subscription period will allow Dangote Refinery to pursue its goal of expanding African participation in the IPO as it seeks to build a broader shareholder base across the continent.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
