Aliko Dangote, President of Dangote Industries Limited, has signed the registration documents for the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, describing the planned share sale as an opportunity for ordinary Nigerians and Africans to own a stake in the massive refinery.
Speaking at the signing ceremony in Lagos on Monday, Dangote said the offering was designed to make ownership of the refinery accessible to a broad section of the public, including drivers, cooks, traders, workers and managers.
The proposed IPO consists of 4.1 billion ordinary shares priced at ₦525 each and is expected to raise slightly more than ₦2 trillion. The minimum subscription has been set at 10 shares, meaning investors can participate with ₦5,250.
Dangote explained that raising money for the refinery’s expansion was only one part of the objective. He said the broader goal was to widen ownership and give people across Africa the opportunity to benefit from the refinery’s growth.
He described the transaction as an “IPO for the people,” saying there would be no special restriction based on a person’s occupation or status as the company seeks to encourage widespread participation.
Dangote also highlighted the potential benefits for shareholders, including the possibility of receiving dividends denominated in dollars. He suggested that such returns could eventually help investors meet expenses outside Nigeria, including education and other international commitments.
The signed prospectus values the proposed offer at approximately $1.6 billion, while the refinery itself is valued at about $49 billion. The public offer is scheduled to open on September 14 and close on October 13.
Reflecting on the refinery’s development, Dangote recalled the early support his company received from financial institutions. He said bankers provided funding based largely on trust even before the final location of the refinery had been determined or the necessary licence secured.
He also spoke about the challenges involved in finding suitable land for the project. According to Dangote, the company spent years searching for an appropriate location, including about three years and eight months at Olokola before eventually moving to the Lekki Free Zone.
The businessman recalled facing resistance from members of the local community when the company sought access to the Lekki site. He said the difficulties were eventually resolved and the project proceeded at the location.
Dangote acknowledged the contributions of former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as incumbent Governor Babajide Sanwo-Olu, to the development of the refinery project.
He expressed gratitude for reaching the stage where the refinery could proceed toward public ownership, describing the milestone as a major achievement after years of challenges.
Dangote also urged Nigerians and other Africans to take greater responsibility for driving economic development on the continent. He argued that stronger domestic industries would create jobs, generate prosperity and give African countries greater leverage when negotiating with international partners.
According to him, the refinery represents more than an individual business project and has wider implications for industrial development and economic growth across Africa.
He said the Dangote Group’s Vision 2030 centres on accelerating Africa’s industrialisation, stressing that reliable energy supply is essential for achieving that objective.
Dangote explained that the group’s strategy has increasingly focused on investing in Nigeria while expanding its industrial ambitions to other parts of Africa. He cited planned investments and expansion activities in countries including Ethiopia, Kenya, Tanzania and Namibia.
He said the group’s activities were also intended to encourage other African entrepreneurs to invest in industrial development and contribute to the continent’s economic transformation.
Meanwhile, the proposed refinery IPO had not commenced trading as of Monday afternoon. Checks on the Nigerian Exchange and investment platforms showed that the refinery had not yet been formally listed or opened for trading, ahead of the scheduled September 14 launch.
