The Dangote Petroleum Refinery’s historic public offering has drawn unprecedented investor demand, achieving a fourfold oversubscription that raised total commitments to approximately N8.61 trillion against an initial fundraising target of N2.15 trillion.
​The public offer, which opened on September 14, 2026, was originally scheduled to close on October 13, 2026. Under the initial terms, the company offered 4.1 billion ordinary shares to the public at an issue price of N525 per share, aiming to fund the expansion of its refining capacity from 700,000 barrels per day (bpd) to 1.4 million bpd.
​Speaking at a media briefing at the refinery complex in Lekki, Lagos, President and Chief Executive Officer of the Dangote Group, Aliko Dangote, confirmed the overwhelming market response and announced an extension of the subscription window to accommodate cross-border retail and institutional demand across the continent.
​”The fourfold oversubscription of our N2.15 trillion public offer reflects strong market confidence in Nigeria’s energy independence and our corporate vision,” Dangote said. “Following recent discussions with the Nairobi Securities Exchange and other regional platforms, we are extending the offering timeline to allow investors across Africa to participate seamlessly through established cross-border trading mechanisms.”
​According to joint issuing houses led by Vetiva Capital and Chapel Hill Denham, the allotment proposal will be formally submitted to the Securities and Exchange Commission (SEC) on November 10, 2026.
Following regulatory approval expected by November 17, 2026, Central Securities Clearing System (CSCS) accounts will be credited, with full trading of the shares on the floor of the Nigerian Exchange Limited (NGX) scheduled to commence in mid-December.
