Dangote refinery extends $1.6 billion IPO until October 27 — TimesLIVE

In Nigeria, Dangote Petroleum Refinery and Petrochemicals has extended the application period for its initial public offering until October 27, through which it plans to raise about $1.6 billion. The offering, which opened on September 14, had previously been due to close on October 13. Nigeria’s Securities and Exchange Commission approved the two-week extension.

As TimesLIVE reports, the company explained the decision by significant interest from investors in various African countries and its intention to broaden access to the share offering.

Focus on retail investors

Aliko Dangote, the owner of the oil refining complex with a capacity of 700,000 barrels per day, seeks to expand the circle of shareholders. The offering is designed to involve up to 10 million retail investors in Nigeria and other countries on the continent.

More current news is available on the UA.News Telegram channel Telegram.

According to the company, the additional time is needed to develop distribution channels in other African countries, facilitate cross-border investment, and allow potential investors to open accounts, verify their identities, and meet other regulatory requirements.

Restrictions for investors outside Nigeria

The prospectus states that the share sale was not registered as a public offering outside Nigeria. Therefore, investors in other countries must use local rules or gain access through a limited number of relevant online platforms.

The IPO is expected to help finance the expansion of the plant in Lagos. If the option for an additional offering is exercised, the company could raise up to $2.1 billion. The facility began processing oil in early 2024 and is part of Nigeria’s plans to reduce fuel imports and turn the country into a net exporter of petroleum products.