Dangote Says Drivers, Cooks, Traders Can Own Refinery Shares

Aliko Dangote says the Dangote Refinery IPO is designed to give Nigerians and other Africans from all walks of life an opportunity to own a stake in the refinery.

Daniel Momodu · September 7, 2026 · 62

President of Dangote Industries Limited, Aliko Dangote, has said drivers, cooks, traders, managers and other members of the public will have the opportunity to own shares in the Dangote Petroleum Refinery through its planned Initial Public Offering.

Dangote made the disclosure on Monday at the signing ceremony for the refinery’s IPO registration documents in Lagos, describing the transaction as an “IPO for the people” aimed at democratising ownership of the facility.

The offer comprises 4.1 billion ordinary shares priced at ₦525 each and is expected to raise more than ₦2 trillion.

Dangote said the minimum subscription would be 10 shares, adding that the IPO was not solely intended to raise funds for the refinery’s expansion.

He said the broader objective was to give people across Nigeria and the African continent an opportunity to acquire a stake in the refinery.

“There is no segregation on who can own these shares,” Dangote said, adding that he wanted people across the continent to participate in the offer.

The signed prospectus values the offer at about $1.6 billion, while the IPO places the refinery’s valuation at about $49 billion.

The public offer is scheduled to open on September 14 and close on October 13.

Dangote also spoke about the potential benefits to shareholders, including the possibility of dollar-denominated dividends, which he said could help investors meet expenses outside Nigeria.

He said the refinery’s journey had involved several challenges, including difficulties securing land and resistance from members of the host community before the project eventually moved to the Lekki Free Zone.

Dangote described the IPO as a major milestone for the refinery and said its success demonstrated that Nigerians and Africans could undertake large-scale industrial projects when they remained focused and determined.

He added that the refinery formed part of Dangote Group’s broader strategy to accelerate industrialisation across Africa, with energy security playing a central role in achieving that objective.