President of Dangote Industries Limited, Aliko Dangote, has announced plans to expand the Dangote Petroleum Refinery’s capacity to 1.4 million barrels per day (mbpd) by early 2029, up from its current 500,000 barrels per day, amid persistent challenges in the petroleum industry.

Also, Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) extended its N2.15 trillion initial public offering (IPO) by two weeks to October 27, following approval by the Securities and Exchange Commission (SEC).

Dangote assured small investors that they would be accommodated in the refinery’s ongoing IPO, signalling plans to widen public participation in the facility’s ownership.

He gave the assurances yesterday during a virtual session at the final IPO roadshow, with the theme, ‘Back to Where It All Began’, organised by Financial Derivatives Company on behalf of Dangote Refinery in Rivers State.

While projecting significant growth in the refinery’s petrochemical operations, the billionaire businessman said the facility would produce 2.5 million tonnes of polyolefin and 400,000 metric tonnes of linear alkylbenzene, which he described as major milestones for Africa’s industrial development.

“By 2029 beginning, we will be at 1.4mbpd. That is 10 per cent of America’s total refining capacity,” Dangote said. “We will be at 2.5 million tonnes of polyolefin, which is the largest ever in African history.”

Speaking at the event, the Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, urged Nigerians to see the IPO as an opportunity to transition from consumers to investors in strategic national infrastructure.

He said the refinery’s public listing could significantly expand the Nigerian capital market, projecting that market capitalisation could exceed N220 trillion.

In a notice to the investing public, the company said the offer period, which opened on September 14 and was scheduled to close on October 13, would now close on Tuesday, October 27, 2026.

The company said the extension followed strong interest from eligible investors across Africa and other jurisdictions.

It noted that the additional time would support ongoing efforts to expand access to the offer across African markets, including expanding distribution channels and implementing depositary receipt programmes to facilitate cross-border investor participation.

The extension would also give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements necessary to participate in the offer.

The company said it remained encouraged by the level of investor engagement received across its target markets and believed the extension would provide more investors across Africa with an opportunity to participate.

The offer involves 4.1 billion ordinary shares at N525 each, giving a total offer value of N2.1525 trillion. The minimum subscription is 10 shares, requiring N5,250 before applicable charges.