Dangote refinery IPO extended to 27 October

Dredging vessel on motion at Dangote refinery site, Lekki La

Dangote refinery IPO extended to 27 October

The ₦2.15tn (c. US$1.6bn) offer of 4.1bn shares at ₦525 now closes on 27 October, after SEC approval to widen participation across Africa.

October 17, 2026

The ₦2.15tn (c. US$1.6bn) offer by Dangote Petroleum Refinery and Petrochemicals FZE now closes on 27 October, after the Securities and Exchange Commission approved a two-week extension.

The terms

The offer is for 4.1bn ordinary shares at ₦525 each, about ₦2.15tn or roughly US$1.6bn, rising to about US$2.1bn if the over-allotment option is exercised. It opened on 14 September and was due to close on 13 October. On 12 October the company announced SEC approval to move the close to 27 October to broaden participation by investors elsewhere in Africa (Reuters, via CNBC Africa).

Aliko Dangote has said subscriptions were three to four times the target. That figure is the company’s own and has not been independently verified. Bloomberg reports a draft allotment to the SEC on 10 November, with trading likely from about 8 December.

Cross-border access

The prospectus states that the offer is not registered as a public offering outside Nigeria. Investors in other markets rely on their local rules or on eligible platforms.

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Advisers

Vetiva is lead issuing house. Banwo & Ighodalo acts as solicitors to the issuer and Olaniwun Ajayi LP as solicitors to the offer, according to the prospectus as reported by Nairametrics; AELEX is also named among the legal advisers, with its role not specified.

Photo: GodwinPaya / Wikimedia Commons, CC BY-SA 4.0 (illustrative).

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