🇳🇬 Dangote extends refinery IPO by two weeks to widen African investor participation

Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering by two weeks to 27 October, from the original closing date of 13 October, after receiving approval from Nigeria’s Securities and Exchange Commission. The offer covers 4.1bn shares priced at 525 naira each and aims to raise 2.15tn naira, with the company saying the extension will help investors from more African countries complete account-opening, identity verification and regulatory requirements.

The company said it had seen strong interest from eligible investors across Africa and other jurisdictions and is expanding distribution channels and depositary receipt programmes to support cross-border participation. Dangote plans to use the proceeds to double the refinery’s capacity to 1.4m barrels per day and develop fuel storage and distribution infrastructure.

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🔸 Source

@africaintel