President of the Dangote Group, Aliko Dangote, has said drivers, cooks, traders, servants, managers and other members of the public will have the opportunity to own shares in the Dangote Petroleum Refinery as the company prepares for a public offering expected to raise more than N2 trillion.
The richest African made the disclosure in Lagos on Monday while signing the registration documents for the proposed initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.
The proposed IPO comprises 4.1 billion ordinary shares priced at N525 each, with the offer expected to raise just over N2 trillion.
Dangote described the transaction as an “IPO for the people”, saying its purpose extends beyond raising money to finance the expansion of the 650,000-barrel-per-day refinery.
“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, you know, servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” he said.
According to the billionaire businessman, the minimum subscription will be 10 shares, a structure he said was intended to make participation accessible to a broad section of the population.
“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, and I’m sure they will continue to be happy now, future, and forever.”
Dangote hints at dollar dividend potential
Dangote also highlighted the potential benefits shareholders could derive from owning stakes in the refinery, including the possibility of receiving dividends denominated in US dollars.
He suggested that such returns could eventually help investors meet foreign-currency obligations, including education expenses outside Nigeria.
“When, uh, they will end up having to say that yes, I’m waiting for that check for my dollar, uh, dividend to send for the school fees of my daughter in UK or anywhere in the part of the world,” he said.
The signed prospectus values the offer at approximately $1.6 billion, while the IPO places the refinery’s valuation at about $49 billion.
The public offer is scheduled to open on September 14, 2026, and close on October 13, 2026.
From five-year land search to refinery IPO
Reflecting on the refinery’s development, Dangote recalled the challenges encountered before the project eventually took shape at the Lekki Free Zone in Lagos.
He said bankers initially backed the project based largely on their trust in the company, even before the refinery’s location had been determined or its licence secured.
According to him, the company spent about five years searching for suitable land for the project.
“Even though we had very false starts, several hurdles, in fact, on the land itself, we struggle for five years trying to find which land we’re going to use,” he said.
Dangote disclosed that the company spent three years and eight months at Olokola before eventually relocating the project to the Lekki Free Zone.
“Three years, eight months in Olokola, and then we spent over a year and a half before we got access to our land at Lekki Free Zone,” he said.
He also recalled resistance from members of the host community when the company attempted to gain access to the Lekki site.
Dangote mentioned the contributions of former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as incumbent Governor Babajide Sanwo-Olu, to the development of the project.
‘Nothing is impossible’
The Dangote refinery president said reaching the IPO stage represented a significant milestone, expressing gratitude for being alive to witness the development.
He urged Nigerians and other Africans to take greater responsibility for driving economic development on the continent.
“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.
Dangote said stronger domestic industrial capacity would also give African countries greater leverage in international negotiations.
“Only then will the others take us very seriously. Only then we will be in the position to negotiate and walk away with terms that we desire, not those terms that are given to us,” he added.
He described the refinery as an asset with significance beyond Nigeria, linking it to the broader industrialisation and economic development of Africa.
“Today, indeed, is a day of collective pride for all of us,” he said.
Dangote added that the milestone demonstrated that major industrial ambitions could be achieved through sustained determination.
“Today also shows that nothing is impossible for us to achieve once we are focused and determined.”
Energy security central to Africa’s industrialisation
Dangote said the refinery formed part of his group’s broader strategy to accelerate industrialisation across Africa.
“Our Vision 2030 mantra at the Dangote Group is ‘accelerating Africa’s industrialization.’ We have learned the hard way and we cannot industrialize if we do not have energy security,” he said.
He said the group had consequently expanded its investment outlook beyond Nigeria, citing plans and interests in countries including Ethiopia, Kenya, Tanzania and Namibia.
The businessman said the group intended to encourage more African entrepreneurs to participate in the continent’s industrialisation drive.
Meanwhile, although the public offer is expected to commence on September 14, an independent check by a correspondent on Monday afternoon showed that the refinery had not yet been officially listed or commenced trading on the Nigerian Exchange, Bamboo and other investment platforms checked.
