President of the Dangote Group, Aliko Dangote, says the listing of Dangote Petroleum Refinery and Petrochemicals FZE on the Nigerian Exchange (NGX) is primarily aimed at democratizing wealth creation, rather than raising funds for the company.
Dangote stated this on Monday at the NGX trading floor in Lagos while delivering his opening address at the official launch of the refinery’s Initial Public Offering (IPO).
The public offer, which opened on Monday, comprises 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is expected to close on 13 October 2026, subject to the terms contained in the prospectus.
The IPO gives Nigerians and investors across the world an opportunity to acquire shares in Africa’s largest refinery and one of the continent’s most significant industrial projects.
Dangote said the decision to offer shares to the public was driven by his long-standing commitment to ensuring that ordinary Nigerians benefit from the wealth created by the refinery.
“The primary purpose of making this offer is to democratize wealth creation. If it is the question of raising money, I think we have raised more than what we need as a group to execute all our projects,” he said.
According to him, the Dangote Group currently has about $46 billion worth of projects in its investment pipeline as it works towards achieving its Vision 2030 objectives.
He said the company had already raised sufficient funds through a previous private placement, making the current IPO primarily an avenue for public participation and wider ownership.
“When we did the private placement, we wanted to sell $2.5 billion. The IPO was $1.5 billion, and the private placement was $1 billion,” Dangote said.
He added that the private placement attracted significant demand, with applications worth about $1.2 billion reportedly returned after the company limited the amount raised to $2.5 billion.
Dangote said the public offer would enable Nigerians, Africans and other investors to participate in the refinery’s future growth.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race,” he said.
He urged investors not to miss the opportunity, expressing confidence that the refinery would become one of Africa’s largest companies.
Dangote also said the project should not create wealth for only a few individuals, noting that teachers, civil servants and other ordinary Nigerians should have the opportunity to benefit from its success.
He further suggested that dollar-linked dividends from the company could help shareholders meet international financial obligations, including education expenses for children studying abroad.
The IPO 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 long-term expansion, strategic investments, operational growth and value creation for shareholders.
Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said the offer had been structured to make participation accessible, transparent and technology-enabled.
Eligible investors can subscribe through approved channels, including NGX Invest, designated commercial banks and authorized investment platforms, subject to the terms and conditions contained in the prospectus.
(Channels Tv)
