Nigeria's Dangote oil refinery IPO to be extended by 10 days, executive and adviser say

ABUJA, Oct 12 (Reuters) - The initial public offering of Nigerian billionaire Aliko Dangote's oil refinery will be extended by 10 days to allow investors from other African countries to participate, a company executive and adviser on the deal told Reuters.

The ⁠IPO opened about a month ago and was meant to close on Tuesday. It is targeting the general public to raise as much as $2.1 billion for the refinery's expansion, in what is expected to be Africa's largest share sale yet.

The refinery, owned by Africa's richest man Aliko ⁠Dangote, seeks to broaden ownership of its 700,000-barrel-per-day refining complex through an offer targeted at up to 10 million retail investors in Nigeria and elsewhere ⁠on the continent.

An adviser on the deal said an official announcement on the extension would be made ⁠later on Monday.

There was no immediate comment from Nigeria's Securities and Exchange Commission or ⁠exchange operator NGX Group. A Dangote spokesperson declined to comment.

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Reporting by Chijioke Ohuocha and MacDonald Dzirutwe; Editing by Alexander Winning and Tomasz Janowski

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Macdonald Dzirutwe

Thomson Reuters

MacDonald leads a team of reporters in Nigeria that covers energy, politics and economic news in Africa's biggest oil producer. He writes stories on operations of international oil companies, widespread insecurity that is destabilising northern Nigeria and the state of the economy. MacDonald previously worked as senior correspondent in Zimbabwe. He was part of the team that won the Reuters Story of The Year for coverage of the 2018 military coup that ended Robert Mugabe's nearly four decades rule.