President of Dangote Industries Limited, Aliko Dangote, has said the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE is aimed at giving ordinary Nigerians and Africans an opportunity to become part-owners of the multi-billion-dollar refinery.

Dangote made the disclosure on Monday in Lagos at the signing of the registration documents for the refinery’s proposed public offer, describing the transaction as an “IPO for the people.”

The offer comprises 4.1 billion ordinary shares priced at N525 per share and is expected to raise slightly above N2 trillion. The minimum subscription has been fixed at 10 shares.

According to Dangote, while the capital raised would support the refinery’s expansion, the broader objective was to democratise ownership by allowing people from different walks of life to acquire stakes in the facility.

“But it is not only to fund the expansion of the refinery, of course, it’s a bigger amount. 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,” he said.

He added that the offer was designed without discrimination, stressing that people across Africa should have the opportunity to participate in the ownership of the refinery.

“So, this is why we have actually called it the IPO for the people. This is why we say that this is democratizing,” Dangote said.

“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.”

The signed prospectus values the public offer at about $1.6 billion, while the IPO puts the valuation of the refinery at approximately $49 billion.

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

Dangote Eyes Dollar-Denominated Dividends
Dangote also highlighted the potential benefits investors could derive from owning shares in the refinery, including the prospect of receiving dividends in dollars.

He said such returns could potentially help shareholders meet foreign-currency obligations, including school fees and other 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 development, Dangote said the project survived several challenges, including difficulties in securing financing, a suitable location and access to land.

He recalled that bankers provided financial backing at a time when the company had neither finalised the refinery’s location nor secured its operating licence.

“Bankers without them even seeing which site we were going to use. Without seeing the licence, we didn’t even have a licence of the refinery,” he said, describing the support as a product of trust between the company and its financiers.

Dangote said the company spent five years searching for suitable land, including three years and eight months at Olokola before eventually relocating the project to the Lekki Free Zone.

He also recalled resistance from members of the host community when the company attempted to access the Lekki site, describing the challenges as among the major hurdles encountered during the project’s development.

The billionaire businessman acknowledged the contributions of former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as the incumbent governor, Babajide Sanwo-Olu, to the project.

Expressing gratitude for the refinery’s progress to the IPO stage, Dangote said the facility had become a symbol of what could be achieved through determination and long-term investment.

Dangote also used the occasion to call on Nigerians and other Africans to take greater responsibility for the continent’s economic development.

He said Africa would only gain greater bargaining power globally by building productive capacity, creating opportunities and developing its own industries.

“As I have said repeatedly, we as Nigerians and Africans must be bold and lead the change to develop our economies and our continent. And by doing so, we provide opportunities for our people, we’ll also create prosperity,” he said.

He described the refinery as more than an industrial project for Nigeria, saying its impact could extend across the African continent.

Dangote said the refinery formed part of the Dangote Group’s broader Vision 2030 strategy of “accelerating Africa’s industrialisation.”

He stressed that reliable energy supply remained critical to achieving industrial growth, noting that the group had adjusted its investment strategy to promote industrial development beyond Nigeria.

“We have learned the hard way and we cannot industrialize if we do not have energy security,” he said.

Dangote disclosed that the group was pursuing expansion plans in Ethiopia, Kenya, Tanzania and Namibia, adding that the investments were intended to encourage more African entrepreneurs to participate in the continent’s industrialisation drive.

The refinery’s public offer is expected to open to investors on September 14.