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President of Dangote Industries Limited, Aliko Dangote, has said drivers, cooks, traders, domestic staff and managers will have the opportunity to become shareholders in the Dangote Petroleum Refinery through its proposed Initial Public Offering (IPO).
Dangote made the disclosure in Lagos on Monday at the signing ceremony for the registration documents of the proposed IPO, which he described as an “IPO for the people” designed to broaden ownership of the 700,000-barrel-per-day refinery.
The public offer comprises 4.1 billion ordinary shares priced at ₦525 each and is expected to raise slightly above ₦2 trillion. The minimum subscription has been fixed at 10 shares.
Dangote said raising funds for the refinery’s planned expansion was only one objective of the offer, stressing that the company also wanted ordinary Nigerians and other Africans to acquire a stake in the facility.
“But it is not only to fund the expansion of the refinery. 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.
“This is why we have actually called it the IPO for the people. This is why we say that this is democratising.
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“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,” Dangote added.
He also pointed to the potential for investors to earn dividends in dollars, saying such returns could help shareholders meet expenses outside Nigeria. The signed prospectus values the offer at about $1.6 billion and the refinery at approximately $49 billion.
The public offer is scheduled to open on September 14 and close on October 13.
Dangote said the refinery was part of his group’s broader strategy to drive industrialisation across Africa, arguing that reliable energy supply was essential to achieving that objective.
“Our Vision 2030 mantra at the Dangote Group is ‘accelerating Africa’s industrialisation.’ We have learned the hard way, and we cannot industrialise if we do not have energy security,” he said.
He urged Nigerians and other Africans to participate in developing the continent’s economies, saying the refinery showed that large-scale industrial projects could be delivered through sustained investment and determination.
