President of Dangote Group, Aliko Dangote, has said the decision to take the Dangote Petroleum Refinery and Petrochemicals FZE to the public through an Initial Public Offering is primarily aimed at widening access to wealth creation, rather than raising fresh funds for the company.
Dangote made this known on Monday at the Nigerian Exchange Limited trading floor in Lagos during the official opening of the refinery’s public share offer.
The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares, valued at N5,250. The offer is scheduled to close on October 13, 2026, subject to the conditions contained in the prospectus.
The offer marks the first opportunity for members of the public to acquire an ownership interest in the Dangote Refinery, described as Africa’s largest refinery and one of the continent’s biggest industrial projects.
Dangote said the offer was intended to make ownership of the refinery accessible to Nigerians, Africans and other eligible investors across the world.
He explained that the decision fulfilled a commitment he made several years ago to open up ownership of the refinery once it became fully operational, financially sustainable and sufficiently de-risked.
According to him, the objective is to enable more people and future generations to benefit from the value created by the project.
Dangote said the company was not undertaking the IPO because it needed funds to finance its operations, noting that the Dangote Group already had sufficient resources and investment plans to execute its projects.
He disclosed that the group currently had about $46 billion worth of investments planned as part of its Vision 2030 expansion programme.
The businessman said the group had previously completed a private placement after receiving strong investor interest, adding that the exercise demonstrated the appetite for investment in the refinery.
He explained that the decision to proceed with the public offer was therefore driven by the desire to give ordinary members of the public an opportunity to participate in the ownership of the business.
Dangote further expressed confidence that the refinery would become Africa’s largest company by the end of the year, urging prospective investors not to miss the opportunity to acquire shares in the business.
He said the project should not generate wealth for only a limited number of investors, stressing that teachers, civil servants and other ordinary Nigerians should also be able to benefit from its success.
According to him, investors who receive dividends in dollars could also gain additional protection against the impact of naira depreciation, particularly those with financial obligations such as foreign school fees.
The public offer is expected to raise approximately N2.15 trillion, potentially making it one of the largest equity offerings in Africa. The proceeds are expected to support the refinery’s expansion, strategic investments and long-term growth.
The offer is open to retail and institutional investors as well as eligible African investors, with participation structured to promote wider ownership and greater participation in Nigeria’s capital market.
The Nigerian Exchange Group’s Group Managing Director and Chief Executive Officer, Temi Popoola, said the subscription process had been designed to be accessible, transparent and technology-driven.
Eligible investors can participate through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the terms contained in the prospectus.
