Dangote Petroleum Refinery’s public share offer has reportedly attracted subscriptions exceeding its original fundraising target by more than three times, prompting the company to extend the closing date by two weeks to allow more investors across Africa to participate.
Aliko Dangote, President of Dangote Group, disclosed on Monday that the level of investor interest had surpassed the amount the company initially intended to raise. He said the extension was aimed at widening access to the offer rather than securing additional funds.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, giving it a total value of approximately ₦2.15 trillion if all the shares are subscribed.
Based on that offer value, subscriptions equivalent to four times the target would amount to approximately ₦8.61 trillion. However, the company has not disclosed the exact amount subscribed or confirmed that the reported subscription level applies to the full value of the offer.
In a statement issued by Dangote Group, Dangote said the offer was progressing well and explained that the company wanted to give more Africans the opportunity to become shareholders in the refinery.
“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate,” he said.
Dangote added that discussions with the Nairobi Stock Exchange had helped the company identify a possible route for facilitating participation by investors in other African markets. He said similar arrangements were being explored with additional exchanges to broaden access to the offer.
Explaining why the company was extending the subscription period despite the reported strong demand, Dangote said the priority was to increase the number of people who could invest in the business.
“But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure. So, it is not about the amount of money. It is about the number of people who will have the opportunity to participate in this offer,” he said.
The public offer opened on September 14 and was initially scheduled to close on October 13. Following approval from the Securities and Exchange Commission (SEC), the closing date has been moved to October 27, 2026.
The company said the additional two weeks would support efforts to reach prospective investors in more African countries through expanded distribution channels and unsponsored depository receipt programmes designed to facilitate cross-border investment.
The extension is also expected to give investors more time to complete account-opening procedures, identity verification and other regulatory requirements needed to participate in the offer.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, welcomed the SEC’s approval, saying the additional time would help more investors across the continent gain access to the shares.
He said the company’s ambition from the beginning had been to allow as many people as possible to participate in the initial public offering and share in the refinery’s future growth.
The offer gives eligible investors an opportunity to acquire shares in the refinery at ₦525 per share. While Dangote’s comments point to strong demand, the final subscription figures will be needed to establish the exact level of investor participation.
How did this story make you feel?
Join the conversation
Share a thoughtful response. Submissions may be reviewed before appearing.
