Dangote Petroleum Refinery is extending its initial public offering (IPO) by an additional 10 days, a move that will allow more investors from across Africa to join the share sale. According to Reuters, the announcement was made on Monday, October 12, by a company executive and an adviser involved with the deal. The offering had originally been scheduled to close on Tuesday, October 13.

The IPO is intended to raise $2.1 billion to fund the expansion of the refinery, a transaction that would position the sale among the largest ever carried out in Africa. Both retail and institutional investors are able to purchase shares in the facility, which belongs to the renowned Nigerian billionaire Aliko Dangote.

At the time of the announcement, the revised closing date had not yet appeared on the refinery's official IPO website, which still listed October 13 as the deadline. The extension reflects the company's commitment to reaching a wider pool of investors and underscores growing interest in the African market. For prospective subscribers, the publication of the updated deadline on the official website will serve as the first public confirmation of the extended window.

The decision to extend the offer comes as the company seeks to widen participation beyond Nigeria, following regulatory approvals in Kenya and Uganda that allow eligible investors in those countries to take part in the share sale.

Kenya's Capital Markets Authority approved a short-form prospectus for a global depository receipt arrangement on October , allowing eligible Kenyan investors to access the IPO through an authorised investment bank. Uganda's Capital Markets Authority also approved the offer for promotion and distribution in the country. The depository receipt structure gives Kenyan participants an authorised route into an offer that, having been registered in Nigeria, would otherwise require them to comply with their own countries' securities regulations directly.

The process has nonetheless exposed the challenges facing investors who want to buy shares in companies listed in other African countries. Because the IPO was registered in Nigeria, potential investors elsewhere must comply with their own countries' securities regulations and use authorised investment channels. That requirement has limited access for some participants despite interest in the refinery's share sale.

The development highlights the broader difficulties of expanding investment opportunities across African markets, where regulatory requirements and access to licensed brokers differ significantly from one country to another.

The offer comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares worth ₦5,250. Proceeds are earmarked for the expansion of the refinery, one of the continent's largest industrial projects. To facilitate participation, the company has extended the subscription period by an additional 10 days, giving investors across Africa more time to understand and complete the steps required to invest.

Beyond inviting public investment, the move points to ongoing efforts to strengthen African capital markets. By making it easier for investors to finance projects beyond their home countries, the offering represents a significant step toward fostering regional economic growth and collaboration. The level of subscriptions coming from investors outside Nigeria will offer an early indication of how these newly approved cross-border channels perform in practice.