Ethiopian investors who meet the country’s capital market requirements can participate in Dangote Petroleum Refinery and Petrochemicals’ N2.15 trillion initial public offering (IPO).

The Ethiopian Capital Market Authority (ECMA) confirmed that eligible Ethiopian citizens can invest in the offer, subject to the provisions of the country’s capital market laws and regulations.

The IPO comprises 4.1 billion ordinary shares priced at N525 each. It opened on September 14, 2026, and was initially scheduled to close on October 13 before being extended to October 27.

Chapel Hill Denham, the financial adviser to the offer, announced the extension to give more investors across Africa time to participate.

Dangote Group President, Aliko Dangote, said the decision was aimed at expanding African ownership of the refinery, noting that subscriptions had already exceeded the company’s initial fundraising target by more than three times.

He said the company’s objective was to give more people the opportunity to become shareholders, rather than raise additional funds.

Dangote Refinery is targeting 10 million retail investors through the offer, which could raise about N2.15 trillion if fully subscribed.

However, Ethiopian participation is restricted to investors who qualify under the country’s Capital Market Proclamation No. 1248/2021 and Public Offer and Trading of Securities Directive No. 1030/2024.

The ECMA clarified that its approval does not make the offer available to the general public in Ethiopia. It also warned that the authorisation should not be taken as an endorsement of the shares or a guarantee of investment returns.

The regulator advised interested investors to review the offer documents, conduct due diligence and use authorised capital market service providers.

The inclusion of eligible Ethiopian investors forms part of Dangote Refinery’s effort to attract shareholders from across Africa and broaden participation in the company beyond Nigeria.