Aliko Dangote, president and chief executive officer of Dangote Industries Limited, has urged Nigerians and other African investors to subscribe to the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE.
Dangote said the offer presented an opportunity for investors to build long-term wealth by becoming shareholders in one of Africa’s largest industrial assets.
He spoke on Monday during the “Facts Behind the Offer” presentation at the Nigerian Exchange in Lagos.
Dangote described the $1.6bn transaction as the largest IPO ever undertaken in Africa, saying it was designed not only to raise capital but also to broaden ownership of the refinery.
According to him, investors who participate in the offer could benefit from the company’s growth, dividend prospects and long-term value creation.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset,” Dangote said.
“We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy. By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren.”
He said the offer was consistent with the Dangote Group’s philosophy of promoting broader ownership and enabling ordinary citizens to benefit from transformational businesses.
Dangote said the refinery had achieved its core objective of helping Nigeria reduce its dependence on imported refined petroleum products while positioning the country as a major refining and export hub.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he said.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250.
The offer is open to a broad range of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds and Nigerians in the diaspora.
Giving an insight into the refinery’s financial performance, Dangote disclosed that the company recorded approximately ₦19.47tn in revenue in the first half of 2026, while profit after tax stood at ₦2.55tn.
At the offer price, the refinery is expected to have an implied market capitalisation of approximately ₦65.22tn.
When combined with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster worth about ₦83.5tn on the Nigerian Exchange.
This could make the Dangote Group the largest equity cluster on the bourse.
Group Chairman of NGX Group, Umaru Kwairanga, described the transaction as a major milestone for Africa’s capital markets.
He said the IPO demonstrated the capacity of African capital markets to support large-scale projects capable of driving economic development.
Lagos State Governor, Babajide Sanwo-Olu, also described the offer as a watershed moment for Africa’s financial markets.
Sanwo-Olu said the transaction demonstrated the continent’s ability to mobilise capital and invest in its own economic future.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” Sanwo-Olu said.
The Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition could produce industrial projects of global significance.
Molatlhegi also encouraged investors across the continent to participate in the refinery’s growth.
Meanwhile, the Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the facility’s operational performance.
Bird said the refinery had become the largest single supplier of refined petroleum products into Europe.
He added that the facility had continued to maintain safe, reliable and efficient operations while pursuing its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
Dangote said the IPO would enable Nigerians and other Africans to move from being consumers of the refinery’s products to becoming owners of the business.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations,” he said.
“Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise.”