Business Reporter
The Financial Securities Exchange has extended the application window for local participation in the Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals FZE after the main Nigerian share sale received a regulatory extension.
Dangote Petroleum Refinery and Petrochemicals FZE received approval from the Securities and Exchange Commission of Nigeria to extend the closing date of its IPO from October 13, 2026, to October 27.
The offer involves 4,1 billion ordinary shares of US$0,000013 each offered at 525 naira per share.
The primary capital raised through the offer for subscription will be deployed towards doubling the processing capacity of the Dangote Petroleum Refinery from 700 000 to 1,4 million barrels per day, expanding its fuel storage and distribution infrastructure and supporting future regional petrochemical initiatives.
The issuer said that the extension supports broader African investor participation, including regional market-access initiatives and depositary receipt arrangements developed in response to strong demand from Southern African capital markets.
The application period in Zimbabwe for the proposed Dangote Depository Receipts will now close on October, 21, 2026.
The initial closing period for the Dangote Refinery IPO via the Zimbabwe FINSEC register was October 9, 2026 (having opened on September 29, 2026.
FINSEC said that the earlier local deadline was necessary to allow sufficient time for application verification, exchange-control documentation, regulatory approvals, consolidation, and onward transmission of subscriptions ahead of the main Nigerian closing date.
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the offer,” Mr David Bird, managing director and chief executive of DPRP, said.
“From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa.”
The underlying Dangote shares carry a fixed price of 525 naira per share in Nigeria, meaning the ultimate US dollar cost for Zimbabwean investors remains subject to foreign-exchange movements and conversion arrangements used when payment is executed.
The indicative price of US$0,4 per Depository Receipt remains subject to exchange-rate fluctuations.
Once the applicable exchange rate is confirmed at the time of payment for the underlying shares, the final price may adjust the number of Depository Receipts allotted or result in a refund of unapplied balances.
FINSEC said that it will publish updated indicative USD pricing and reference exchange rate data as confirmed by the Depository prior to final pricing and allocation.
“Investors are reminded to submit their completed application forms and the required exchange-control declarations at the time they make subscription payments,” said FINSEC.
“Funds received without both the corresponding application form and exchange-control declaration will not constitute a valid subscription: such funds will be returned to the remitting investor, and no Depository Receipts will be allocated against them, subject to applicable verification and banking procedures.
“All applications remain subject to the terms of the Zimbabwe offer documentation, applicable approvals, and final allotment arrangements.”
