Dangote Petroleum Refinery has extended its public share offer by two weeks to October 27, following strong investor demand, giving more investors across Africa an opportunity to participate in the share sale.
The offer, which opened on September 14 and was originally scheduled to close on October 13, received approval from the Securities and Exchange Commission (SEC) for the extension.
Aliko Dangote, president of the Dangote Group, said the decision was driven by the need to broaden investor participation rather than raise additional funds.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, with a total value of approximately ₦2.15 trillion.
Reports indicate that subscriptions have exceeded the original fundraising target several times over. However, the company has not disclosed the exact amount subscribed, making it important to distinguish reported demand from a confirmed final subscription figure.
The refinery is also expanding access through distribution channels and unsponsored depository receipt programmes to enable more investors across Africa to participate.
David Bird, the refinery’s chief executive, said the extension would provide more African investors with an opportunity to take part in the share offer.
The additional two weeks will also give prospective investors more time to complete account opening, identity verification and other regulatory requirements before the offer closes on October 27.