Dangote Petroleum Refinery has unveiled a planned initial public offering expected to raise more than ₦2 trillion, with Aliko Dangote describing the offer as an “IPO for the People” designed to broaden ownership of the refinery beyond institutional investors and wealthy individuals.
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Speaking at the signing ceremony for the proposed IPO, Dangote, President of Dangote Industries Limited and Chief Executive of Dangote Petroleum Refinery, said the offer would support further expansion of the refinery while giving ordinary Nigerians and other Africans an opportunity to own part of one of the continent’s biggest industrial assets.
The shares are to be offered at ₦525 each, with a minimum subscription of 10 shares, effectively setting the entry point at ₦5,250.
Dangote said the relatively low minimum subscription was deliberate, explaining that the objective was not merely to maximise the amount raised but to make ownership accessible to workers and ordinary citizens.
“This is why we have actually called it the IPO for the People. 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,” he said.
He said the planned capital raise of slightly above ₦2 trillion was modest when compared with the scale of the refinery and the financing required for its next phase of expansion.
According to him, the broader aim is to create a long-term investment opportunity that allows Nigerians to benefit directly from the performance of the refinery through capital appreciation and dividends.
Dangote said ordinary investors could potentially use dividends from their holdings to meet major future financial commitments, including education expenses.
The IPO comes as the refinery enters another phase of expansion following more than a decade of planning, financing, construction and commissioning.
Dangote recalled that the project began before the company had finalised its site or obtained all necessary approvals, with financial institutions committing support despite the uncertainties that surrounded the early stages of the development.
He said one of the major difficulties was securing a suitable location for the refinery, noting that the company spent years searching for a viable site before eventually securing land within the Lekki Free Trade Zone.
Dangote also acknowledged the roles played by successive Lagos State administrations, naming former governors Babatunde Fashola and Akinwunmi Ambode, as well as incumbent Governor Babajide Sanwo-Olu, among those who supported the project at various stages.
He described the refinery as more than a commercial venture, presenting it as evidence of what large-scale African industrial investment can achieve when backed by long-term capital, persistence and domestic ambition.
“As Nigerians and Africans, we must be bold and lead the change to develop our economies and our continent,” he said.
Dangote linked the refinery project to the group’s wider Vision 2030 strategy, which is focused on accelerating industrialisation across Africa.
He said energy security remained central to that objective, arguing that sustained industrial growth would be difficult without reliable energy infrastructure.
“We have learned the hard way, and we cannot industrialise if we do not have energy security,” he said.
The group’s expansion plans, he added, extend beyond Nigeria, with investments and proposed projects in countries including Ethiopia, Kenya, Tanzania and Namibia.
Dangote said the refinery is intended to play a wider role in Africa’s industrial transformation by linking energy security with manufacturing, trade and economic activity across the continent.
He described the facility as Africa’s largest refinery and the world’s largest single-train refinery, with current capacity put at 700,000 barrels per day.
He also projected that the facility could become the world’s largest refinery by 2028 as expansion plans progress.
Dangote said the IPO should therefore be seen not only as a capital-raising exercise for the company but also as an opportunity to broaden African participation in ownership of a strategic industrial asset.
He also acknowledged the role of regulators and market institutions involved in the transaction, including the Securities and Exchange Commission and the Nigerian Exchange.
Dangote specifically praised SEC Director-General Emomotimi Agama for what he described as constructive engagement that helped the proposed offer advance.
He also commended the financial advisers, issuing houses, brokers, solicitors, auditors, registrars, receiving banks and members of the refinery’s management team involved in structuring the offer.
Group Chief Financial Officer Murtaza Eyidin was singled out for leading the internal team responsible for delivering the transaction within what Dangote described as a record timeframe.
According to him, the progression of the IPO reflected the group’s long-standing belief that large and difficult projects could be achieved through determination and persistence.
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