Dangote Refinery Don Extend IPO Deadline by Two Weeks

Dangote Petroleum Refinery and Petrochemicals don add two weeks to di deadline for investors to buy shares for di company, so more investors across Africa go get chance to buy am.

Di offer wey start on September 14 bin suppose close on Tuesday, October 13.

But dem don extend di deadline reach October 27, after Securities and Exchange Commission approve am.

President of Dangote Group, Aliko Dangote, talk say dem decide to extend di deadline because dem want make more people get chance to buy shares, no be because dem need more money.

E talk say, “Di IPO dey go well well.

“We go extend di closing date because we want make more of our African brothers and sisters get chance to take part.”

Dangote add say di company don discuss with Nairobi Securities Exchange on how to make am easier for people to buy di shares. E also talk say dem dey work to arrange similar agreement with other stock exchanges for Africa.

E talk say, “But as e concern di amount of money wey we plan to raise from di beginning, people don already show interest to buy shares wey worth more than three or four times di amount wey we plan to raise.”

E add say wetin matter pass na “how many people go get opportunity to take part for dis offer.”

Di IPO involve 4.1 billion ordinary shares, and dem dey sell each share for ₦525. Di total value of di offer na about ₦2.15 trillion, or $1.6 billion.

Di company talk say di extension go help dem expand how dem dey distribute di shares and introduce depositary receipt programmes wey go make am easier for people from different countries to invest.

Di extension go also give people wey wan buy shares more time to open accounts, confirm dia identity and complete other regulatory requirements.

Managing Director and Chief Executive Officer, David Bird, welcome di extension. E talk say e go give more investors across Africa opportunity to benefit from di refinery future growth.

Di refinery plan to use di money wey dem raise from di share sale to support expansion. Dis one include increasing how much fuel dem fit produce and developing places to store and distribute fuel.

Securities and Exchange Commission don advise investors to use only approved channels to buy di shares. E also warn dem to confirm say any platform wey dem wan use dey approved before dem submit personal or financial information.

Dem expect say di extension go allow more individual and big investors to take part as di refinery dey work to make more members of di public become shareholders.