Dangote Petroleum Refinery and Petrochemicals FZE has appointed Turkish finance executive Betül Sarıkaya as its Chief Financial Officer, following the close of its approximately US$1.6 billion initial public offering on October 27, 2026.
Sarıkaya brings over two decades of experience in corporate finance, having begun her career at PwC across the firm’s Ankara, Istanbul, and Houston offices.
She later served as CFO of SOCAR Türkiye’s Natural Gas Business Unit, where she led financial management for large-scale energy operations and oversaw finance, audit, and governance processes for strategic projects including the STAR Refinery and TANAP.
Sarıkaya currently serves as CFO of the Turkic Investment Fund and has been an independent board member at Aydem Renewables since March 2026 .
Her appointment comes as the refinery transitions from a private capital raise to managing obligations to a broad new shareholder base.
The IPO, which opened on September 14, 2026, offered 4.1 billion ordinary shares at N525 per share, valuing the refinery at close to US$50 billion.
The offer period was extended from its original October 13 close to October 27 to accommodate expanded distribution channels and depositary receipt programmes designed to facilitate cross-border investor participation across Africa.
The offering is now awaiting allotment and regulatory clearance ahead of planned listings on the Nigerian Exchange (NGX) and the Nairobi Securities Exchange (NSE) through global depositary receipts.
Under the revised timetable, the basis of allotment proposal is scheduled for submission to Nigeria’s Securities and Exchange Commission on November 10, with the regulator’s no-objection expected by November 17.
Listing and commencement of trading are targeted for 15 business days after the allotment date.
The Kenyan route involves a GDR structure arranged by Renaissance Capital (Kenya), approved by the Capital Markets Authority in early October.
The GDRs will trade in Kenyan shillings on the NSE, with underlying Dangote shares held in custody in Nigeria. The listing of the GDRs remains conditional on obtaining approval or no-objection from SEC Nigeria.
The IPO drew strong demand, with commitments from Nigerian domestic and retail investors alone reported to have reached between US1.6 billion, effectively meeting the fundraising target before fully accommodating foreign investors.
Investors from all 54 African countries and 119 countries worldwide sought allocations, according to people familiar with the transaction.
Dangote Petroleum Refinery CEO David Bird had earlier described the extension as a means to broaden access. “From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth,” he said.
