Dangote Petroleum Refinery has extended its public share offer by two weeks. The offer now closes on 27 October. The extension follows strong investor demand. Aliko Dangote said subscriptions had exceeded the original target by more than three or four times. The offer comprises 4.1 billion shares priced at ₦525 each. The total value is approximately ₦2.15 trillion. A fourfold subscription would amount to about ₦8.61 trillion. The exact amount subscribed has not been disclosed.
The refinery opened its IPO on 14 September. It was scheduled to close on 13 October. The offer targets 10 million retail investors. It promises priority allotment for small buyers. The refinery lists on the Nigerian Exchange in November. It is the largest IPO in African history.
The Securities and Exchange Commission approved the extension. Dangote said the additional time would help more Africans participate. The company is working with the Nairobi Securities Exchange and other African exchanges. Cross-border investment channels are also being used. The extension reflects the scale of demand. Subscriptions have overwhelmed some platforms.
The refinery’s revenue for H1 2026 was ₦19.13 trillion. It processes 650,000 barrels per day. It is the world’s largest single-train refinery.
Winners: Dangote Group, which raises capital. Retail investors, who gain more time. African exchanges, which gain visibility. The NGX, which hosts the listing. Losers: Early subscribers, who face dilution. Institutional investors, who receive smaller allocations. Competitors, who face a stronger Dangote. Platforms that failed under demand.
Bottom Line: Dangote extended its IPO. Subscriptions tripled. The offer closes on 27 October. The refinery is Africa’s largest. The demand is real. The market has spoken.