Africa’s largest-ever public offering has been extended by two weeks to widen continental participation, with proceeds earmarked to double the Lekki refinery to 1.4 million barrels per day.
Dangote Petroleum Refinery and Petrochemicals has extended its IPO application period by two weeks to 27 October, citing strong investor interest across Africa and efforts to broaden access. Nigeria’s Securities and Exchange Commission approved the extension of the offer, which opened on 14 September and was originally due to close on 13 October.
The offer comprises 4.1 billion shares priced at ₦525 each and is intended to raise ₦2.15 trillion ($1.63 billion). Proceeds will support doubling the refinery’s capacity to 1.4 million barrels per day, building fuel storage and distribution infrastructure, and funding future expansion. The raise could reach $2.1 billion if an over-allotment option is exercised. The minimum subscription is 10 shares, or ₦5,250.
Participation has been broad. A tally released on 18 October showed subscriptions from more than 90 countries, including 51 of Africa’s 54 nations. The offer is positioned as what is expected to be the largest IPO in African history.
The refinery enters the market on the back of a sharp financial turnaround. It reported an after-tax profit of $1.82 billion in the first half of 2026. Over the same period, it averaged 83.6% utilisation, and gross refining margins rose from $13.70 per barrel in 2025 to an average of $24.50 per barrel in H1 2026.
Investor Outlook
At the offer price, the transaction reportedly implies a valuation of around $49 billion. The investment case rests on three factors:
- Margin tailwind from the global supply shock. Constrained refined fuel flows out of the Gulf have widened refining margins worldwide. A 700,000 bpd refinery that sources crude outside the Hormuz corridor is well placed to capture these margins, and demand from neighbouring markets supports this. Earlier this year, several African governments, including South Africa, were reported to be discussing long-term supply arrangements with the refinery, and Ghana and Kenya also expressed interest.
- Execution risk on the expansion. The growth story depends on reaching 1.4 million bpd, planned for 2029, which would make it the largest single-site refinery in the world. Delivering an expansion of this scale on schedule is the central risk investors are underwriting. Margins are also likely to normalise when Gulf flows recover.
- Liquidity and timeline. According to the indicative timetable, SEC no-objection for allotment is expected around 11 November, with NGX listing about 15 business days later, likely in early December. No international listing is expected before around 2029. Offshore investors should account for naira exposure and the depth of secondary trading on the NGX.
Regardless of its pricing outcome, the offer is a landmark for African capital markets. It tests whether continental retail and institutional savings can be mobilised at scale behind African energy infrastructure, which is a model with clear relevance for other large regional projects.
