…4.1bn shares offered at ₦525 each as refinery targets over ₦2tn from investors
Toyyibah Quasim
President of Dangote Industries Limited, Aliko Dangote, has said ordinary Nigerians, including drivers, cooks, traders, servants and managers, will have the opportunity to become shareholders in the Dangote Petroleum Refinery and Petrochemicals.
Dangote made the disclosure on Monday in Lagos while signing the registration documents for the proposed Initial Public Offering of the refinery, describing the exercise as an “IPO for the people.”
The proposed offering involves 4.1 billion ordinary shares at ₦525 per share, with the company targeting slightly more than ₦2tn from the offer.
The transaction is expected to value the refinery at about $49bn, while the minimum subscription has been fixed at 10 shares.
The offer is scheduled to open on September 14, 2026, and close on October 13, 2026.
Dangote said the primary objective of the IPO was not merely to raise funds for the expansion of the refinery but to broaden ownership of the strategic facility among Nigerians and Africans.
“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 democratising. 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 further highlighted the potential benefits of dividend payments to shareholders, particularly if returns were denominated in dollars.
Dangote said such returns could provide shareholders with foreign exchange earnings to meet some expenses outside Nigeria.
“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 refinery’s long journey to completion, Dangote recalled that the project received early backing from bankers, even before the company secured a site or licence.
He said the company initially spent three years and eight months at Olokola before moving the project to the Lekki Free Zone following delays and resistance from some communities.
Dangote acknowledged the contributions of former Lagos State governors Babatunde Fashola and Akinwunmi Ambode, as well as the incumbent governor, Babajide Sanwo-Olu, to the development of the project.
He described the IPO signing as a moment of “collective pride” for Africa, urging Nigerians and other Africans to take greater ownership of the continent’s economic development.
The proposed share sale represents a major step in the commercial evolution of the Dangote Refinery, one of Africa’s largest oil-refining projects.
Dangote said the opportunity should be viewed beyond the immediate financial returns, stressing the importance of Africans participating directly in businesses and assets capable of shaping the continent’s economic future.
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