Aliko Dangote, President of Dangote Industries Limited, on Monday signed the registration documents for the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE in Lagos, declaring it an “IPO for the people” that will allow ordinary Nigerians, including drivers, cooks, traders, servants and managers to own stakes in the facility.
He emphasised that the offering is designed to democratise ownership of Africa’s largest refinery rather than solely raise capital for expansion.
The IPO involves 4.1 billion ordinary shares priced at ₦525 each and is expected to raise just over ₦2 trillion (about $1.6 billion). The deal values the refinery at approximately $49 billion.
The minimum subscription is 10 shares. The offer is scheduled to open on 14 September and close on 13 October.
“What we are trying to do is to make sure majority of all these my, our drivers, our cooks, our servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” Dangote said.
“This is why we have actually called it the IPO for the people. This is why we say that this is democratizing. There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action.”
He also highlighted the potential for dollar-denominated dividends, noting that shareholders could use the returns to cover overseas expenses such as school fees.
“When they will end up having to say that yes, I’m waiting for that check for my dollar dividend to send for the school fees of my daughter in UK or anywhere in the part of the world,” he said.
Reflecting on the project’s journey, Dangote recalled that bankers backed the venture early, even before a site or licence was secured.
The company spent three years and eight months at Olokola before relocating to the Lekki Free Zone after further delays and community resistance.
He thanked former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as current Governor Babajide Sanwo-Olu, for their support.
Dangote described the day as one of “collective pride” for Africa and urged Nigerians and Africans to lead their own economic development.
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