Refinery: Our N2.2trn IPO’ll Democratise Wealth Creation — Dangote

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has said the ₦2.2 trillion Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals will democratise wealth creation by giving millions of Nigerians and other investors an opportunity to own shares in the company.

Dangote made the statement in Lagos during the “Facts Behind the Offer” presentation and opening gong ceremony for the refinery’s public offer.

The IPO involves 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares, valued at ₦5,250.

The public offer, which opened on September 14, is scheduled to close on October 13, subject to the terms contained in the prospectus.

Dangote said the decision to take the refinery to the capital market was driven by the desire to broaden ownership and enable more people to participate in the value created by the industrial project.

He said the offer was not simply about raising funds, noting that the company had already secured significant financing through a private placement.

According to him, the public offer would allow ordinary Nigerians, including people from different income groups, to become part owners of one of Africa’s largest industrial assets.

Dangote said the initiative would broaden participation in Africa’s industrial development and provide investors with an opportunity to benefit from the refinery’s future growth.

He also noted that the refinery’s revenues are largely linked to the dollar, which could provide investors with an avenue to preserve and grow their wealth.

The Dangote Group president said the refinery was expected to expand its production capacity as part of the company’s long-term growth strategy.

The refinery currently has a capacity of about 700,000 barrels per day, with plans to increase capacity to 1.4 million barrels per day.

Dangote described the refinery as a world-class industrial asset serving Nigeria and international markets, adding that its operations would continue to support energy security and industrial development across Africa.

He said the refinery had also emerged as a significant supplier of aviation fuel to international markets, reflecting its growing importance in the global energy industry.

The public offer is expected to deepen Nigeria’s capital market by bringing a major private industrial company into wider public ownership.

The Nigerian Exchange Group also described the transaction as an important demonstration of the capacity of Nigeria’s capital market to support large-scale businesses and connect investors with major enterprises.

The Dangote Refinery IPO is expected to attract millions of investors, including retail and institutional investors, as the company seeks to broaden participation in the ownership of the strategic industrial asset.