Dangote Moves To Give African Investors More Time To Buy Refinery Shares

The Dangote Group is reportedly planning to extend the subscription deadline for the initial public offering (IPO) of the Dangote Refinery by two weeks to enable more investors across Africa to participate in the share sale.

The proposed extension would move the closing date from October 13 to October 27, 2026, according to sources familiar with the development.

Sources at the refinery reportedly disclosed the plan on Monday, explaining that several African stock exchanges were still developing platforms to facilitate participation by investors in their respective countries.

The proposed extension is intended to give more prospective investors time to access the offer as the necessary arrangements are being put in place across the continent.

The refinery’s IPO opened on September 14, offering 4.1 billion ordinary shares at ₦525 per share. Investors are required to purchase a minimum of 10 shares, while the company’s shares are expected to be listed on the Nigerian Exchange Limited after the offer is completed.

If fully subscribed, the share sale could raise approximately ₦2.15 trillion to support the refinery’s expansion plans.

Aliko Dangote, President and Chief Executive Officer of the Dangote Group, previously described the offer as the “People’s IPO”, presenting it as an opportunity for members of the public to become shareholders in the refinery.

Dangote said the initiative was part of a broader commitment to sharing the company’s growth and prosperity with the public, adding that the refinery’s development journey extended beyond its current operations.

According to Bush Radio Academy, the proposed extension could broaden participation in the refinery’s share offering by giving investors in more African countries additional time to make arrangements to subscribe.

However, the extension remains a reported plan, and the revised deadline should be regarded as unconfirmed until formally announced by the Dangote Group or the relevant authorities.