Aliko Dangote says the planned public offering of shares in his petroleum refinery will allow Nigerians and other Africans from different income groups to become part-owners of the massive industrial facility.
Dangote, President of Dangote Industries Limited, made the remarks on Monday in Lagos after signing the registration documents for the proposed initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.
The businessman said the offer was deliberately structured to widen access to ownership, including for drivers, cooks, traders, domestic workers and managers.
“But it is not only to fund the expansion of the refinery, of course, it’s a bigger amount. What we are trying to do is to make sure majority of all these my—our drivers, our cooks, our, you know, servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” Dangote said.
The proposed IPO comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares. Dangote said the offer is expected to raise slightly above N2 trillion to support the refinery’s expansion.
He described the transaction as an “IPO for the people”, saying there would be no segregation in determining who could acquire the shares.
“So, this is why we have actually called it the IPO for the people. This is why we say that this is democratizing,” he said.
“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, and I’m sure they will continue to be happy now, future, and forever.”
Dangote also highlighted the potential benefits for investors, including the possibility of receiving dividends denominated in dollars.
He said shareholders could eventually use such returns to meet expenses outside Nigeria, citing school fees and other international commitments as examples.
“When, uh, they will end up having to say that yes, I’m waiting for that check for my dollar, uh, dividend to send for the school fees of my daughter in UK or anywhere in the part of the world,” he said.
The signed prospectus values the offer at about $1.6 billion, while the refinery itself is valued at approximately $49 billion. The public offer is scheduled to open on September 14 and close on October 13.
Reflecting on the long road to completing the refinery, Dangote said the project received early backing from bankers who provided financing despite the company having neither finalised its preferred location nor obtained a refinery licence at the time.
He said the project encountered years of difficulties over land acquisition and its eventual location, including three years and eight months spent at Olokola before the company moved to the Lekki Free Zone.
According to him, the company subsequently faced resistance from members of the local community when it attempted to gain access to the Lekki site.
Dangote credited former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as the incumbent governor, Babajide Sanwo-Olu, for their contributions to the project.
The businessman said reaching the IPO stage was a significant milestone, expressing gratitude for surviving to witness the development.
He urged Nigerians and other Africans to take greater responsibility for driving economic development across the continent.
“As I have said repeatedly, we as Nigerians and Africans must be bold and lead the change to develop our economies and our continent. And by doing so, we provide opportunities for our people, we’ll also create prosperity,” he said.
Dangote said the refinery was central to his group’s broader ambition of accelerating industrialisation in Africa, arguing that reliable energy supply was essential to achieving that goal.
“Our Vision 2030 mantra at the Dangote Group is ‘accelerating Africa’s industrialization.’ We have learned the hard way and we cannot industrialize if we do not have energy security,” he said.
He disclosed that the group was also pursuing expansion plans in countries including Ethiopia, Kenya, Tanzania and Namibia, saying the investments were intended to encourage more African businesses to participate in the continent’s industrialisation.
Meanwhile, the proposed refinery IPO had not commenced trading as of Monday afternoon. Checks on the Nigerian Exchange and investment platforms, including Bamboo, showed that the refinery had not yet been officially listed.
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