The Dangote Petroleum Refinery has extended the deadline for its highly anticipated initial public offering (IPO) by two weeks, giving prospective investors more time to apply for shares in one of Africa’s biggest industrial businesses.
The offer, which was originally scheduled to close on October 13, will now remain open until October 27, 2026, following approval from Nigeria’s Securities and Exchange Commission (SEC).
The extension comes as the refinery reports a significant financial turnaround, strengthening attention around its planned share sale.
Why Dangote Refinery Extended Its IPO Deadline
According to the refinery’s official notice, the extension is intended to give more eligible investors across Africa an opportunity to participate in the offering.
The company said the additional time would support efforts to expand distribution channels and establish arrangements that make cross-border investment easier.
Prospective investors will also have more time to complete account opening, identity verification and other regulatory requirements.
The refinery said the extension followed strong interest from investors across its target markets. The SEC approved the revised timetable, moving the closing date to October 27.
Dangote Refinery Reports $4.73 Billion Profit
The deadline extension coincides with a strong financial update from Dangote Petroleum Refinery.
The company reported an unaudited net profit of $4.73 billion for the first nine months of 2026, compared with a $117.2 million loss during the same period in 2025.
Revenue rose to $22.48 billion from $9.19 billion a year earlier, while earnings before interest, taxes, depreciation and amortisation increased to $5.52 billion from $627.6 million.
Operating cash flow also climbed to $3.68 billion, compared with $364.7 million in the corresponding period last year.
The results reflect higher crude-processing rates, stronger refining margins and improvements in operations, according to Reuters’ report on the company’s financial results.
How Much Are Dangote Refinery Shares?
The IPO comprises 4.1 billion ordinary shares offered at ₦525 per share.
The minimum subscription is 10 shares, meaning an application at the minimum level costs ₦5,250 before any applicable charges.
The offer is intended to broaden ownership of the refinery and raise funds to support its expansion plans.
Investors should review the official prospectus and use authorised subscription channels before applying. The extension of the deadline does not guarantee that investors will make a profit from buying the shares.
What the IPO Means for Nigeria’s Oil Industry
The refinery, located near Lagos, has a current processing capacity of 700,000 barrels of crude oil per day.
Its operations have become increasingly important to Nigeria’s domestic fuel supply, while the company is also targeting export markets.
Dangote Refinery plans to expand its capacity substantially, with the longer-term goal of reaching 1.4 million barrels per day. Proceeds from the share offering are intended to support the expansion of the business.
A successful offering could also provide a significant test of how effectively Nigeria’s capital market can channel local savings into large industrial projects.
However, participation by investors outside Nigeria has faced regulatory and distribution challenges. The extension is partly intended to improve access for eligible investors across African markets.
New Dangote Refinery IPO Closing Date
The revised application deadline is Tuesday, October 27, 2026. The refinery’s published timetable lists November 3 for collation of returns and November 17 for the expected SEC no-objection to the proposed basis of allotment, subject to the stated conditions and possible changes.
Investors considering the offer should confirm the latest timetable and eligibility requirements through the refinery’s official IPO information and approved intermediaries.
What Happens Next?
The coming weeks will show how the additional application period affects participation in the offer and how the refinery progresses towards its proposed listing.
For now, the combination of a longer subscription window, strong reported earnings and plans to expand refining capacity places the Dangote Refinery IPO firmly in the spotlight of Nigeria’s business news.