Dangote Petroleum Refinery and Petrochemicals says its initial public offering has attracted subscriptions from investors in more than 90 countries, including 51 of Africa’s 54 nations, as the company approaches the extended closing date of 27 October 2026.
The company announced the geographical spread of participation on Sunday, describing the share sale as a pan-African offering intended to widen ownership of one of the continent’s largest industrial assets.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each. It opened on 14 September and was originally due to close on 13 October, before the application period was extended by two weeks with approval from Nigeria’s Securities and Exchange Commission.
Dangote Refinery said the additional time would support market-access arrangements across African jurisdictions, including wider distribution channels and depositary receipt programmes designed to make cross-border participation easier.
The refinery has not published a country-by-country breakdown of subscriptions or the value applied for by investors in each market. Its latest announcement nevertheless indicates interest from almost the entire continent as well as investors outside Africa.
The company is seeking to raise about $1.6 billion through the offer, which has been structured with a strong retail focus. If completed at the proposed scale, it would rank among Africa’s largest public share sales.
The refinery is located in the Lekki Free Zone in Lagos State and began supplying petroleum products after an investment estimated at about $20 billion. It has become a central part of Nigeria’s effort to reduce dependence on imported refined fuel while developing export capacity for regional and international markets.
In its official investment materials, the company identifies regional access, refining scale and integration with petrochemicals as key parts of its business. It describes the plant as Africa’s largest refinery, with operations covering crude receipt, processing and product distribution.
The IPO has also highlighted the practical barriers faced by Africans seeking to invest across borders. Different securities regulations, currency arrangements and access to approved subscription channels have required separate market-access structures in participating countries.
The Securities and Exchange Commission has advised prospective investors to use only receiving agents and subscription platforms approved for the offer. The regulator warned that the existence of a company, online platform or social media account does not itself mean that it is authorised to collect applications or money.
The company’s unaudited results for the nine months to 30 September showed revenue of $22.48 billion, up from $9.19 billion in the corresponding period, while stronger processing rates and refining margins supported a return to profit.
Dangote Refinery said the extended offer period was intended to give eligible investors additional time to complete participation requirements. Under the revised timetable, the offer will close on Tuesday, 27 October, while the proposed basis of allotment and draft allotment announcement are due to be submitted to the Securities and Exchange Commission on 10 November.
