Nigeria: Dangote Refinery Extends $1.6 Billion Public Offer By Two Weeks to October 27

What the report says

Dangote Petroleum Refinery and Petrochemicals has pushed back the closing date for its $1.6 billion initial public offering by two weeks, to October 27, after receiving approval from Nigeria’s Securities and Exchange Commission, according to THISDAY via AllAfrica. The company said the extra time is meant to widen access for investors across Africa and allow more people to finish account-opening, identity checks and other regulatory steps needed to participate.

The share sale opened on September 14 and is part of Aliko Dangote’s plan to broaden ownership of the 700,000-barrels-per-day refinery in Lagos. The offer covers 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares. The company said the fundraising could total about $1.6 billion, and potentially more if an over-allotment option is used. Dangote and company executives said the extension follows strong investor interest from Africa and beyond.

The report said the refinery is aiming to attract retail and institutional investors from multiple African markets, including through cross-border arrangements and unsponsored depository receipt programmes. It also noted that access to the shares may vary by country because the offering is not registered as a public issue outside Nigeria. The move is being watched as a test of whether African exchanges and regulators can support large multi-country offerings.

More broadly, the proceeds are intended to support expansion of the Lagos refinery, which began processing crude in early 2024 and is central to Nigeria’s effort to reduce imports of refined fuel.