The Financial Securities Exchange (FINSEC) announced an extension of the application period for the Dangote Petroleum Refinery and Petrochemicals Depository Receipt offer. The Nigerian Initial Public Offering’s closing date was pushed from October 13 to October 27, 2026, after approval from Nigeria’s Securities and Exchange Commission. The move aims to boost African investor participation and develop regional market-access arrangements responding to Southern African capital market requests.
In Zimbabwe, the application period for Dangote Depository Receipts was shortened to close on Wednesday, October 21, 2026. This earlier deadline allows time for application verification, exchange-control documentation, regulatory processes, and consolidation of subscriptions before the Nigerian closing date, superseding a prior local extension to October 12.
Dangote shares are offered at a fixed ₦525 per share in Nigeria. The US dollar equivalent for Zimbabwean investors is subject to exchange-rate conversion arrangements used by the Depository, with an indicative price of US$0.40 per Depository Receipt. Exchange-rate movements may affect the final price, influencing the number of receipts allotted or causing refunds of unapplied balances.
FINSEC will publish updated USD pricing and exchange-rate information once confirmed by the Depository. Investors must submit completed application forms with exchange-control declarations when making subscription payments. Funds without both the application form and exchange-control declaration are returned to the remitting investor, and no receipts are allocated pending verification and banking procedures.
All applications remain subject to Zimbabwe offer documentation terms, applicable approvals, and final allotment arrangements.
