By Taibat Ummi Yakubu
Aliko Dangote’s $2.1 billion refinery share sale is set to remain open for another 10 days, giving investors across Africa additional time to participate in what could become the continent’s largest-ever public share offering.
The initial public offering (IPO), which opened about a month ago and was due to close on Tuesday, is being extended to accommodate interest from investors outside Nigeria, according to a company executive and an adviser to the transaction.
The share sale is designed to broaden public ownership of the 700,000-barrel-per-day Dangote Petroleum Refinery, with the company targeting as many as 10 million retail investors in Nigeria and other African countries.
An adviser to the deal said an official announcement confirming the extension was expected later on Monday.
The offering seeks to raise up to $2.1 billion to support the refinery’s expansion, marking a significant step in Dangote’s plan to attract a wider pool of investors into the massive industrial project.
However, Nigeria’s Securities and Exchange Commission and the Nigerian Exchange Group had yet to publicly comment on the planned extension, while a spokesperson for Dangote declined to comment.
The additional 10 days would give prospective investors more time to consider the offer as the refinery seeks to expand its shareholder base beyond Nigeria.
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