Dangote Refinery extends IPO application deadline

Dangote Petroleum Refinery and Petrochemicals FZE has officially extended the application period for its initial public offering (IPO) by two weeks, providing prospective investors until October 27, 2026, to apply for shares.

In an official notice released on October 12, the refinery stated that the additional time is designed to support ongoing efforts to expand access to the share offer across various African markets and international jurisdictions.

“Further to the receipt of the approval of the Securities and Exchange Commission, Dangote Petroleum Refinery and Petrochemicals FZE (the “Issuer”) wishes to inform the investing public that the Offer period for the IPO, which opened on Monday, 14 September 2026, has been extended from Tuesday, 13 October 2026 to close on Tuesday, 27 October 2026,” read part of the statement.

The high-profile IPO initially opened on September 14 and was originally scheduled to close on October 13. According to company executives, the extension allows the firm to scale its distribution channels and roll out depositary receipt programmes to facilitate smooth cross-border investments.

Furthermore, the extra time gives prospective investors ample opportunity to complete essential regulatory obligations, including account opening and identity verification procedures.

The Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, noted that the deadline extension guarantees that more investors across the African continent are given a fair opportunity to participate in the major share sale.

The extensive IPO involves 4.1 billion ordinary shares priced at N525 each.

To broaden participation regionally, regional investment channels have been structured to allow widespread ownership.

For retail investors looking to buy in from Kenya, the minimum investment threshold stands at 10 Global Depositary Receipts (GDRs) priced at Ksh53.50 per GDR, meaning participants can buy shares starting at an entry cost of Ksh535 (before applicable fees).

Interested buyers can participate through mobile channels by dialing the USSD code 483250# or by utilizing online application portals.

Renaissance Capital Kenya is coordinating local applications, with underlying shares held under custodial arrangements through Stanbic Bank.

Following the deadline adjustment, the application list will officially close on October 27, with the company initiating the collation of returns by November 3.

The updated schedule outlines the following key milestones:

November 10, 2026: Submission of the basis of allotment proposal and draft allotment announcement to the Securities and Exchange Commission (SEC).

November 17, 2026: Expected receipt of the regulator's no-objection approval concerning the basis of allotment.

Subsequent Activities: The publication of the formal allotment announcement, refunds for surplus or rejected application monies, and final settlement and listing will follow the revised regulatory sequence.

The refinery has emphasized that these dates remain indicative and may be subject to minor adjustments depending on the progress of key administrative tasks, with any changes to be handled by issuing houses in close consultation with the company.