Dangote Petroleum Refinery & Petrochemicals FZE opened an offer for subscription of up to 4.1 billion ordinary shares at ₦525 per share on 14 September 2026, a raise of about ₦2.15trn if fully taken up. The offer was due to close on 13 October 2026; the SEC has since extended the close to 27 October 2026 (see update below). The shares are to be listed on the Nigerian Exchange.
Reuters, as published by CNBC Africa, reports that the refinery may issue up to 30% more shares if the offer is oversubscribed, subject to regulatory approval. The company has said the proceeds support expansion of the Lagos refinery from 700,000 to 1.4 million barrels per day.
Update, 12 October 2026: The SEC approved an extension of the offer close from 13 October to 27 October 2026 to widen participation across Africa. Terms: 4.1bn ordinary shares at ₦525 each, about ₦2.15tn (c. US$1.6bn), or up to c. US$2.1bn if the over-allotment option is exercised. Bloomberg reports a draft allotment to the SEC on 10 November, with trading likely from about 8 December. Advisers: Vetiva (lead issuing house); Banwo & Ighodalo (solicitors to the issuer); Olaniwun Ajayi LP (solicitors to the offer); ÆLEX also named. Sources: Reuters via CNBC Africa; Nairametrics.
