President of Dangote Group, Aliko Dangote on Monday assured that the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery & Petrochemicals FZE, has so far achieved over four times its target.
This, notwithstanding, he announced that the group has received the approval of the Securities & Exchange Commission (SEC) for a two-week extension of the offer. Instead the initial October 13 closing date, it will now close on October 27.
Dangote who was addressing newsmen at the refinery, said the additional two-week period will support ongoing market-access initiatives across African jurisdictions, including the expansion of distribution channels and the rollout of unsponsored depository receipt programmes designed to facilitate seamless cross-border investment.
The extension sought will also provide more time for prospective investors to complete account-opening procedures, identity verification processes, and other regulatory requirements necessary for participation in the offer.
He assured that the IPO is going very well, stressing that the extension is to allow “more of our African brothers and sisters to participate. Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation.
“We are now trying to replicate that arrangement with other African exchanges to ensure wider participation…But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure…So, it is not about the amount of money. It is about the number of people who will have the opportunity to participate in this offer. That means quite a lot to us,” he stressed.
Recall that the IPO, which consists of 4,100,000,000 ordinary shares of US$0.000013 each at N525.00 per share, opened on Monday, September 14, 2026.
