Aliko Dangote has extended the deadline for the initial public offering (IPO) of his refinery by two weeks, moving the closing date from October 13 to October 27, 2026, to give more Nigerians and other Africans the opportunity to invest in the project.
Dangote announced the extension on Monday while speaking to journalists during a visit to the Dangote Petroleum Refinery in Lagos by Kenyan lawmakers.
He said the decision was driven by the desire to broaden public participation rather than a shortage of investor interest, adding that the offering had already attracted subscriptions estimated at more than three to four times the target amount.
According to Dangote, the objective is to enable more people across Africa to own shares in the refinery, rather than focus solely on the amount of money raised.
The 700,000-barrel-per-day facility is seeking to raise $1.6 billion to finance plans to double its production capacity to 1.4 million barrels per day. If achieved, the expansion would make it the world's largest refinery, surpassing India's Jamnagar refinery.
Dangote said the extension would provide additional time for interested investors to participate in what is expected to become Africa's largest capital market offering.
The refinery's public offering forms part of a broader strategy to expand the business while allowing ordinary citizens to acquire ownership stakes in one of the continent's major industrial investments.
During the visit, Kimani Ichung’wah, the majority leader of Kenya's parliament, said the delegation had travelled to Nigeria to reaffirm its support for the Dangote Group and the share offering.
Ichung’wah expressed confidence that the refinery could have a significant impact on Kenya and the wider East African region.
The development comes as the Dangote Group advances plans for a separate refinery project on Kenya's Lamu Island.
The proposed $16 billion facility is expected to have a production capacity of 700,000 barrels per day, with completion targeted within 30 to 40 months.
However, the Kenyan project has encountered concerns over land ownership and environmental impact. A local community has filed a lawsuit over land rights, while Greenpeace and other environmental groups have raised objections about the potential consequences of the development.
Lamu is a major tourist destination and a UNESCO World Heritage site known for its historic Swahili settlement, which dates to the 12th century.
Kenyan President William Ruto visited the Dangote refinery in Lagos on September 25, underscoring the growing engagement between the two countries over industrial investment.
With the IPO deadline now extended to October 27, Dangote is seeking to widen participation in the share offering as the company pursues its ambitious refinery expansion plans.