The Securities and Exchange Commission (SEC) has granted approval for an extension of the public offer period for Dangote Petroleum Refinery and Petrochemicals FZE, giving prospective investors an additional two weeks to subscribe to the company’s initial public offering (IPO).
The offer, which commenced on September 14, 2026, was originally scheduled to close on October 13. Following the regulatory approval, the deadline has been moved to October 27, 2026.
The IPO involves 4.1 billion ordinary shares priced at ₦525 per share, according to a notice released by the company on the Nigerian Exchange.
Dangote Refinery explained that the extension would support efforts to broaden access to the offer across African markets and other eligible jurisdictions. The initiatives include expanding distribution networks and introducing depositary receipt programmes designed to facilitate cross-border investment.
The company also noted that the revised deadline would give interested investors more time to complete essential procedures, including opening investment accounts, verifying their identities and fulfilling other regulatory requirements.
Since the offer opened, the refinery said it had recorded substantial interest from eligible investors in Africa and beyond. The extension is intended to accommodate additional participants and widen investment opportunities across the continent.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, welcomed the SEC’s decision, describing the extension as an opportunity to make the offer accessible to a broader pool of investors.
He said the company’s objective from the beginning had been to enable as many eligible investors as possible to participate in the IPO and benefit from the refinery’s future growth prospects.
According to Bird, the additional time would help the company reach more investors across African markets and strengthen participation in the offer.
Revised IPO Timetable
Under the updated schedule, the application period will close on October 27, 2026, while the collation of returns is expected to take place on November 3.
The Basis of Allotment Proposal and draft Allotment Announcement are scheduled for submission to the SEC on November 10. The commission is expected to communicate its no-objection to the proposed basis of allotment on November 17, 2026.
The transfer of net proceeds from the offer to the company and publication of the allotment announcement are expected to occur one business day after the allotment date. Refunds for surplus subscriptions or rejected applications are scheduled for five business days after allotment.
Meanwhile, the crediting of successful investors’ Central Securities Clearing System (CSCS) accounts, the listing of the shares and the commencement of trading are planned for 15 business days after the allotment date.
Dangote Refinery cautioned that the dates in the timetable are indicative and may be revised by the issuing houses in consultation with the company.
The extension provides prospective investors with additional time to complete their applications before the revised closing date of October 27, 2026.
SEC Extends Dangote Refinery IPO Deadline to October 27
