Dangote Petroleum Refinery has extended its public share offer by two weeks following strong investor demand, giving more Nigerians and other Africans additional time to acquire shares in the company.
The offer, which opened on September 14 and was initially scheduled to close on October 13, will now run until October 27, following approval from the Securities and Exchange Commission.
President of the Dangote Group, Aliko Dangote, disclosed on Monday that subscriptions had exceeded the amount the company planned to raise by more than three or four times.
The refinery’s public offer comprises 4.1 billion ordinary shares priced at N525 each, with a total value of approximately N2.15tn.
Based on this offer value, a fourfold subscription would amount to about N8.61tn. However, the company has not officially confirmed the exact value of subscriptions received or whether the reported multiple applies to the entire offer.
Dangote explained that the decision to extend the offer was not driven by a need for additional funding but by the company’s ambition to broaden share ownership across Africa.
He said discussions with the Nairobi Stock Exchange had helped identify a way to facilitate participation by investors outside Nigeria, with similar arrangements being explored with other African exchanges.
According to the group, the extension is intended to expand access to the offer through additional distribution channels and unsponsored depository receipt programmes, which can make cross-border investments easier.
The extra time will also allow prospective investors to complete account registration, identity verification and other regulatory procedures required to purchase the shares.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, said the extension would enable more investors across the continent to participate in the refinery’s future growth.
The public offer gives investors an opportunity to acquire shares in the refinery at N525 per share, as the company seeks to widen its investor base beyond Nigeria.
