Africa’s wealthiest man, Alhaji Aliko Dangote, has said he is prepared to further dilute his ownership of the Dangote Petroleum Refinery if necessary to accommodate demand from ordinary investors, declaring that his mission is to democratise ownership of the business.
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Speaking in an interview with ARISE News anchor, Ms. Ojy Okpe, shortly before the refinery’s initial public offering opened on Monday, the industrialist said he wanted millions of Africans to participate in the company and was willing to reduce his own stake to make that possible.
“I don’t mind to be diluted as much as possible, because I want people to actually be part of this good journey,” he said.
The public offer opened on 14 September with 4.1 billion shares priced at N525 each, seeking to raise about N2.15 trillion in what is expected to become Africa’s largest initial public offering.
Asked why he was retaining a large majority stake rather than immediately releasing more shares, Dangote indicated that the position could change depending on the level of demand.
“We’ll give up more shares,” he said. “We’re locked at 85 per cent, but if we now go, we can’t be that stupid to leave. Now, there’s so much demand, definitely we’ll be able to increase the number of allocations.”
He suggested that the volume of shares made available could be increased beyond the initial allocation if demand warranted it, adding that he would seek the support of other existing shareholders.
The company is targeting at least 10 million shareholders, with particular emphasis on smaller retail investors.
“I want to make sure that, you know, this is my main mission: to make sure that, yes, we democratise this share and give it to normal people,” Dangote said.
“We will do whatever it takes to make sure that we satisfy people who have actually persisted in getting these shares.”
He said smaller retail investors would be given priority in the allocation process, although larger applications would not be rejected simply on account of their size.
“Just apply and pay,” he said. “If you are lucky, you might even get whatever that you are looking for.”
The businessman has repeatedly described the offer as a People’s IPO, arguing that ownership of one of Africa’s biggest industrial projects should extend beyond himself and the existing investors.
“This business does not belong to Mr Dangote. It belongs to all of us,” he told newsmen. “That’s what we’re targeting. That’s why we’re putting it to the people.”
Separately, addressing an audience on the operational position of the refinery, Dangote confirmed that two of its principal units are currently out of service, while insisting that supply to the domestic market has not been affected.
“RFCC down, and we have also our CDU down,” he said, referring to the residue fluid catalytic cracking unit and the crude distillation unit. “But we have majority part, January and February, I think our RFCC, which is the regenerator. And the CDU even, they are all down. But we supply the market. The market is fully supplied.”
He issued a direct assurance against a return of fuel queues: “Don’t let anybody come and deceive you that, no, we don’t have this. We have. We’re a very responsible company. We are not going to allow queues to come back.”
@thenigerialawyer“We’ll Give Up More Shares If Demand Is High” — Dangote Says Refinery IPO Could Be Expanded Beyond Initial Allocation
The industrialist also set out an expansion programme extending well beyond Nigeria, describing the works as being about Africa as a whole rather than the domestic market alone.
“What we are doing is not only about Nigeria, also about other, especially other African countries,” he said.
He disclosed that a pipeline project of between 2,620 and 2,650 kilometres is scheduled for launch in October.
“Sometime in October, we’re also launching a pipeline that is two thousand six hundred and twenty or six hundred and fifty kilometres, starting from Namibia. From Namibia, we’ll take it to Botswana, Botswana into the other side of South Africa, and we’re also taking off another line which will go to Zimbabwe. From Zimbabwe, it will go to Zambia. Zambia, it will go to DRC.”
He said a further project is scheduled for the 24th or 25th of the month, and made light of a scheduling difficulty arising from a family engagement.
“Twenty-fourth of this month, I’ve been trying to negotiate with them. Either we do it very early on the 24th, because there is my junior brother who is celebrating sixtieth birthday. I don’t want to say his name. I must be there, no matter where I am.”
“So if we don’t even do it on the twenty-fourth or twenty-fifth, we’re laying a very big port infrastructure, tank farms, long pipeline from Somalia into Ethiopia, to make sure that we give them security for their energy, and we’re also doing that.”
On the question of whether the group can absorb the volumes it is building capacity to produce, he was dismissive of the concern, and closed with a challenge to those he regards as obstacles.
“So about market, don’t worry. Whatever that you see us producing, we have a market. We will sell,” he said.
“And the train has left the station. People who try to stop us, they can’t stop us. We are gone.”
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