Regulators have granted Dangote Petroleum Refinery and Petrochemicals FZE permission to prolong its initial public offering, giving prospective buyers an extra fortnight to purchase shares in the mega-facility.
The subscription exercise, which kicked off on September 14, 2026, was initially slated to conclude on October 13. Following clearance from the Securities and Exchange Commission (SEC), the cutoff has now been rescheduled to October 27, 2026.
According to a regulatory filing on the Nigerian Exchange, the deal involves 4.1 billion ordinary shares on offer at ₦525 apiece.
Company management explained that pushing back the deadline supports ongoing measures to broaden regional participation across Africa and other permitted markets. These initiatives encompass widening brokerage distribution networks and introducing depositary receipt structures to streamline cross-border capital inflows.
The extended timeframe also provides interested participants crucial leeway to navigate mandatory compliance procedures, including setting up brokerage accounts and clearing Know-Your-Customer (KYC) identity checks.
The refinery noted that the offering has drawn robust demand across the continent and beyond since its debut, and the extra window is designed to ensure maximum inclusivity.
Reacting to the regulatory approval, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, stated that the revision aligns with their goal of democratizing participation so that diverse investors can share in the facility’s commercial growth.
Bird highlighted that the additional two weeks would strengthen reach among capital market participants throughout the continent.
Under the revised flotation calendar, the application phase will terminate on October 27, 2026, followed by the collation of subscription returns on November 3. The proposed basis of allotment alongside the draft public notice will be tendered to the SEC on November 10, with the commission expected to deliver its “no-objection” nod by November 17, 2026.
Net proceeds will be disbursed to the issuer and the allotment results publicized one business day after allotment approval. Unsuccessful or oversubscribed applicants are scheduled to receive refunds within five business days of allotment.
Successful subscribers can expect their Central Securities Clearing System (CSCS) accounts to be credited, followed by the official listing and trading debut, roughly 15 business days after allotment approval. Dangote Refinery noted that these dates are indicative and could undergo adjustments in consultation with the issuing houses.
