Dangote Petroleum Refinery and Petrochemicals has pushed back the closing date of its IPO by two weeks, moving the deadline from 13 October to 27 October 2025. The extension, approved by Nigeria's Securities and Exchange Commission, is designed to give investors across more African countries enough time to complete account-opening, identity verification, and regulatory requirements before the window shuts.
The offer puts 4.1 billion shares on the table at 525 naira ($0.39) each, with a goal of raising 2.15 trillion naira ($1.63 billion). That would make it the largest IPO in African history. The minimum entry point is just five shares, costing 5,250 naira ($3.94), and the company has set its sights on attracting as many as 10 million retail subscribers from Nigeria and across the continent.
DPRP says it has already seen strong interest from a wide range of investors, but wants additional time to expand distribution channels and roll out depositary receipt programmes that make cross-border participation easier. Managing Director and CEO David Bird, who previously called this the "people's IPO," says the goal from the start has been to let as many people as possible share in the company's future growth.
If the fundraise hits its target, proceeds will go toward doubling the refinery's capacity to 1.4 million barrels a day, building fuel storage and distribution infrastructure, and funding future expansion. Whether 10 million ordinary Africans will actually take up that invite is the number to watch.
Originally published by African Business.