Dangote Petroleum Refinery closed subscriptions for its initial public offering in Nigeria on Tuesday, 27 October 2026, following a two-week extension. The company confirmed that the offer has ended and that investor applications are now being examined, ahead of share allotment and admission to trading on the Nigerian Exchange (NGX).

The offer covered a maximum of 4.1 billion ordinary shares priced at 525 naira each, representing gross proceeds of up to 2,152.5 billion naira. The amount ultimately raised will depend on valid subscriptions and the allocation approved by Nigeria’s Securities and Exchange Commission (SEC). The figure in the September prospectus is the offer’s upper limit.

Subscriptions opened on 14 September and were originally due to close on 13 October. Dangote secured an extension to 27 October to give investors more time to complete identity checks and use approved application channels, including arrangements for eligible participants elsewhere in Africa.

Registrars review applications before allotment

With the subscription period over, registrars are collecting and verifying applications. The issuing houses will then prepare a proposed allocation for the SEC to approve before the final allotment results are announced. That process will determine the number of shares assigned to each applicant.

Investors whose applications are unsuccessful or only partly filled will receive the corresponding refunds under the offer terms, while allotted shares will be credited to their Central Securities Clearing System (CSCS) accounts. Dangote will subsequently announce when trading is to begin on the Nigerian Exchange.

Capital for the next stage of the Lekki refinery

The share offering is also intended to finance part of an expansion of the company’s refinery at Lekki, near Lagos. At the maximum offer size, the prospectus envisages net proceeds of about 2,111 billion naira after estimated costs of roughly 41.5 billion naira. The capital is earmarked for additional refining equipment, supporting infrastructure and construction work planned in stages through 2029.

The investment forms part of a wider plan to expand a facility whose existing rated throughput is stated at approximately 700,000 barrels per day. Share allotment and the subsequent stock market listing are the next financial milestones in that programme.