Aliko Dangote, President of Dangote Industries Limited and Chief Executive of Dangote Petroleum Refinery, has described the planned initial public offering of Dangote Refinery and Petrochemicals as an “IPO for the People,” saying the offer is designed not only to raise more than N2 trillion but also to give Nigerians and other Africans an opportunity to own a stake in the landmark refinery.
Speaking at the signing ceremony for the IPO on Monday, Dangote said the offer, priced at N525 per share with a minimum subscription of 10 shares, would support the refinery’s expansion while broadening ownership of the 700,000 barrels-per-day facility.
He said the decision to keep the minimum subscription low was deliberate, stressing that the objective was not simply to maximise proceeds but to enable ordinary Nigerians, including the company’s drivers, cooks, workers and managers, to participate in the ownership of the refinery.
“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,” Dangote said.
According to him, the planned capital raise of “just a bit more than N2 trillion” was relatively small compared with the scale of the refinery and its expansion requirements.
He explained that the wider objective was to create an investment opportunity through which ordinary Nigerians could build long-term wealth from the performance of one of Africa’s largest industrial assets.
Dangote said investors could ultimately use dividends from their holdings to meet significant financial obligations, citing education expenses abroad as an example of the potential long-term benefit of ownership.
The planned offer comes as Dangote Refinery moves into a new phase of expansion after years of construction and commissioning challenges.
Dangote said the journey began more than a decade ago when the company secured financing support from its bankers despite not having finalised the refinery site or obtained all the required licences.
He recalled that the project encountered several setbacks, including difficulties in securing land, noting that the group spent years searching for a suitable location before eventually gaining access to its site in the Lekki Free Trade Zone.
The industrialist paid tribute to former Lagos governors Babatunde Fashola and Akinwunmi Ambode, and incumbent Governor Babajide Sanwo-Olu, for their roles in supporting the project.
He said the refinery represented more than a commercial investment, describing it as a symbol of what Nigerians and Africans could achieve through determination, capital mobilisation and long-term industrial investment.
According to Dangote, Africa must become more confident in developing its own industrial capacity rather than remaining dependent on external economies.
“As Nigerians and Africans, we must be bold and lead the change to develop our economies and our continent,” he said.
He argued that industrialisation would create opportunities and prosperity while strengthening Africa’s negotiating position in the global economy.
The Dangote Group’s Vision 2030, he said, is focused on “Accelerating Africa’s Industrialization,” with energy security at the centre of the strategy.
“We have learned the hard way, and we cannot industrialise if we do not have energy security,” Dangote said.
He disclosed that the group was consequently expanding its investment ambitions beyond Nigeria, with plans already announced in countries including Ethiopia, Kenya, Tanzania and Namibia.
The refinery, he added, was intended to contribute to Africa’s broader industrial transformation, linking energy security with economic activity across the continent.
Dangote described the 700,000bpd facility as the largest refinery in Africa and the world’s largest single-train refinery, while projecting that it would become the world’s largest refinery by 2028.
He said the IPO was therefore significant not just for Dangote Industries but for Nigeria and Africa as a whole.
The businessman also acknowledged the roles of the Securities and Exchange Commission, the Nigerian Exchange and the financial advisers, issuing houses, brokers, solicitors, auditors, registrars and receiving banks involved in the transaction.
He specifically commended SEC Director-General Emomotimi Agama for what he described as constructive regulatory engagement that enabled the offer to progress.
Dangote also praised the refinery’s management and staff, singling out Group Chief Financial Officer Murtaza Eyidin for leading the team responsible for delivering the transaction within a record timeframe.
He said the successful progression of the IPO demonstrated the importance of determination, recalling his long-standing philosophy that “nothing is impossible.”
The proposed offer represents one of the most significant attempts to broaden public participation in ownership of a major Nigerian industrial asset, while simultaneously providing capital to support further expansion of the refinery.