Dangote Refinery moves IPO closing date to October 27

Dangote Petroleum Refinery and Petrochemicals has extended the subscription deadline for its initial public offering (IPO) to October 27, 2026, following regulatory approval.

According to Nairametrics, the Securities and Exchange Commission approved the two-week extension, moving the closing date from October 13.

The company said the extension would allow more African investors to participate while completing identity verification and other regulatory requirements.

The refinery is offering 4.1 billion ordinary shares at ₦525 each, targeting approximately ₦2.15 trillion.

Managing Director David Bird welcomed the extension, saying it would broaden participation across African markets.

“The additional time will help us extend that opportunity to more investors across Africa,” he said.

The company also plans to introduce depositary receipt programmes to facilitate cross-border investment.

Under the revised timetable, collation of returns will take place on November 3, while the proposed allotment will be submitted to the SEC on November 10.

Trading is expected to commence following completion of the allotment process.