Dangote Refinery IPO Closes as Final Allotment Figures Remain Pending.

Dangote Petroleum Refinery and Petrochemicals FZE closed its share offer Tuesday, Oct. 27, at 6:59 p.m. ET (10:59 p.m. UTC), with final subscription and allotment figures still pending.

Applications are being checked, and allotment is in progress. The offer covered up to 4.1 billion ordinary shares at ₦525 each; at the maximum size, gross proceeds would be ₦2.1525 trillion.

Estimated offer costs are ₦41.49 billion, leaving ₦2.111 trillion in estimated net proceeds at the maximum offer size. The proceeds are expected to fund part of a $14.3 billion expansion program that would increase processing capacity from about 700,000 barrels per day to about 1.4 million barrels per day.

Investors in 119 countries, including all 54 African countries, had applied for shares or requested allocations. Fully funded commitments from Nigerian and retail investors were estimated at $1.5 billion to $1.6 billion before the deadline. Those are pre-close estimates; final subscription and allotment totals have not been released.

The issuer said it extended the application period by two weeks to broaden participation across African markets and support investor onboarding. The offer terms and deadline extension set Oct. 27 as the closing date.

U.S. securities law generally bars offers or sales of the unregistered shares to U.S. persons unless an exemption applies. The schedule lists collation of returns on Nov. 3, followed by a no-objection to the allotment basis from Nigeria's Securities and Exchange Commission on Nov. 17, subject to regulatory approval and official updates.