Dangote Petroleum Refinery and Petrochemicals (DPRP) has secured approval from the [Securities and Exchange Commission](https://csrc.gov.ng/) to extend the subscription period for its initial public offering to 27 October 2026, responding to heightened demand from investors across Africa. The extension adds two weeks to the original deadline, aiming to broaden participation in one of Nigeria’s largest equity raises.
**Key details of the extension**
- The IPO opened on 14 September and will now close on 27 October instead of 13 October.
- DPRP is offering 4.1 billion ordinary shares at ₦525 per share, representing an approximate value of ₦2.15 trillion.
- Subscriptions have already surpassed the company’s initial fundraising target, prompting the decision to lengthen the offer period.
**Why was the IPO deadline extended?**
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, explained that the priority is not merely raising capital but enabling more Africans to become shareholders. “The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate,” he said. He added that the amount raised so far is three to four times the original target, emphasizing that the focus is on the number of participants rather than the cash amount.
**How will broader African participation be facilitated?**
Discussions with the [Nairobi Securities Exchange](https://nse.co.ke/) have helped DPRP outline a framework to make the offer more accessible to investors outside Nigeria. The company plans to replicate this model across other African capital markets, potentially using depositary receipt programmes and expanded distribution channels to ease cross‑border investment.
**Formal notice to investors**
In a public announcement, DPRP confirmed that the application window for its 4.1 billion‑share offering, priced at ₦525 per share, now runs until 27 October. The extension is intended to give prospective investors additional time to complete account opening, identity verification, and other regulatory steps required for participation.
**What does management say about the extension?**
Managing Director and Chief Executive Officer David Bird welcomed the SEC’s approval, stating, “From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa.”