Business Reporter
The Financial Securities Exchange (FINSEC) has extended the application window for local participation in the Initial Public Offering (IPO) 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.
