The window to buy into Dangote's refinery closes on Tuesday. Dangote Petroleum Refinery and Petrochemicals says its public offer ends on 27 October and that "no further extension will be granted", ThisDay reports. The offer opened on 14 September and was first due to close on 13 October before the Securities and Exchange Commission approved a two-week extension.
The offer
- 4.1 billion new ordinary shares at ₦525 each, worth about ₦2.15 trillion, according to Nairametrics.
- Applications run through stockbrokers and about 55 digital channels, including 20 banks, two mobile money operators, the NGX Invest platform and 32 fintechs.
- Nairametrics reports a record one million unique retail subscribers, led by Bamboo and Moniepoint.
- Listing on the Nigerian Exchange is expected in November 2026.
The company says subscriptions rose sharply as the offer entered its final days, from retail and institutional investors, pension funds and the diaspora, and that investors "are recognising both the quality of our earnings and the long-term value creation opportunity." It has not published a total.
The numbers behind the pitch
For the nine months to 30 September, the refinery reported revenue of $22.5bn, up 144% on a year earlier, and a net profit of $4.73bn against a loss in the same period of 2025, ThisDay reports. EBITDA was $5.5bn and the balance sheet moved from net debt to net cash. These are the company's own figures, released during the offer.
What happens after Tuesday
- 3 November: returns collated.
- 10 November: basis of allotment sent to the SEC.
- 17 November: SEC no-objection expected.
- Refunds for rejected or surplus applications within five business days of allotment; trading starts 15 business days after allotment.
