Dangote refinery extends N2.15trn IPO to 27 October for more African investors

Updated 21:23 WAT, 14 Oct 2026: The refinery has released unaudited results showing a net profit of $4.73 billion for the first nine months of 2026, which are now included below.

Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks, moving the closing date from Tuesday, 13 October 2026 to Tuesday, 27 October 2026, after the Securities and Exchange Commission (SEC) approved the change, the company announced on Monday, 12 October.

The offer of 4.1 billion ordinary shares at N525 each opened on 14 September and is worth about N2.15 trillion if fully taken up, Tribune and Channels Television reported.

Why it matters

Anyone who had planned to buy shares in the Lekki refinery but had not finished applying now has two more weeks. The minimum application is 10 shares, which costs N5,250, according to Arise News and ThisDay.

The company wants as many as 10 million retail investors in Nigeria and other African countries to take part, Arise News and ThisDay reported. It has described the sale as expected to be the largest IPO in African history, Daily Trust reported.

Why was the deadline moved?

The company said it had seen strong interest from eligible investors across Africa and in other countries. It said the extra time would support work to widen access across the continent, including more distribution channels and depositary receipt programmes for investors outside Nigeria, and would give applicants longer to finish opening accounts, verifying their identity and meeting other regulatory requirements, Vanguard and Daily Trust reported.

Aliko Dangote, President of the Dangote Group, said: “We will extend the closing date because we want more of our African brothers and sisters to participate,” according to Arise News and Channels Television.

He said subscriptions had already reached “more than three or four times” the amount the company originally set out to raise. “It is about the number of people who will have the opportunity to participate in this offer,” he added, according to Arise News and ThisDay.

David Bird, Managing Director and Chief Executive of Dangote Petroleum Refinery and Petrochemicals FZE, said: “We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer,” African Business and Tribune reported.

What is the money for?

The sale is expected to raise about $1.6 billion, rising to about $2.1 billion if an over-allotment option is fully used, according to ThisDay and TVC News, which cited Reuters.

The company says the proceeds will help double the refinery’s capacity to 1.4 million barrels a day, build fuel storage and distribution infrastructure and fund future expansion, Daily Trust and African Business reported. The refinery began processing crude oil in early 2024.

The prospectus says the sale is not registered as a public offering outside Nigeria, so investors in other countries must rely on their local rules or a small number of eligible platforms, TVC News and Arise News reported.

What do the latest results show?

On Tuesday, 13 October, the day the offer had originally been due to close, the refinery released unaudited results showing a net profit of $4.73 billion for the nine months to 30 September 2026, against a loss of $117.2 million a year earlier, Nairametrics, Arise News and Tribune reported.

Revenue rose by about 144 per cent to $22.48 billion, from $9.19 billion in the same period of 2025, Nairametrics and Tribune reported. The company ended September with $6.69 billion in cash and moved from net debt of $1.73 billion a year earlier to net cash of $650.8 million, according to Nairametrics and Arise News.

Bird said the third-quarter performance “demonstrates the successful transition from commissioning and ramp-up activities”, Arise News and Tribune reported.

What does it mean for you?

• More time to apply: applications now close on Tuesday, 27 October 2026, not 13 October.
• Same price: the offer price remains N525 a share, with a minimum of 10 shares.
• Students: the Aliko Dangote Foundation runs a share grant for students at Nigerian tertiary institutions who apply for at least 10 shares through its student channel. Eligible students may receive 10 extra shares funded by the foundation, but the grant is at the foundation’s discretion, Nairametrics reported. The wider programme covers up to 5 million students and 2 million vulnerable women, with about N40 billion set aside, Daily Trust reported.
• Read the documents: the nine-month figures are unaudited, and share prices can fall as well as rise, so check the offer documents or speak to a licensed stockbroker before applying.

What happens next

Under the revised timetable, returns will be collated on Tuesday, 3 November 2026, the basis of allotment will go to the SEC on 10 November, and the SEC’s no-objection is expected on 17 November, according to Tribune and The Kenya Times. The dates are indicative and could change.

Refunds of surplus money and the allotment announcement are due to follow, and the shares are expected to be listed on the Nigerian Exchange after the offer, TheCable reported. The final level of demand will be clear when the basis of allotment is published.