By Ayomide Otitoju
President of Dangote Group, Aliko Dangote, has assured prospective investors in the Dangote Petroleum Refinery and Petrochemicals FZE of strong returns, saying dollar-denominated dividends could help Nigerians with children studying abroad cope with naira devaluation.
Dangote gave the assurance on Monday at the Nigerian Exchange (NGX) trading floor in Lagos while delivering his opening address to mark the commencement of the refinery’s Initial Public Offering (IPO).
The IPO, which opened on September 14, 2026, comprises 4.1 billion new ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250. The offer is scheduled to close on October 13, subject to the terms of the prospectus.
The offer is targeted at retail, institutional and eligible African investors as part of efforts to broaden ownership and deepen participation in Nigeria’s capital market.
Dangote said the IPO was primarily aimed at democratising wealth creation by allowing members of the public to own stakes in the refinery, rather than raising funds for the company.
“Everything is in the hands of God, but by the end of this year, this is going to be the largest company in Africa, not in Nigeria,” he said.
He said the offer would give teachers, civil servants and other ordinary Nigerians an opportunity to benefit from the refinery’s growth, adding that dollar dividends could help investors meet foreign-denominated obligations.
“The IPO provides opportunity for teachers, civil servants, people who even have their children abroad, to now have the confidence of keeping them abroad, so that even when there is devaluation, they will continue to pay their school fees because you will be getting your dividends in dollars,” Dangote said.
According to him, the decision to list the refinery was taken to broaden ownership and allow the public to share in the value created by the project.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race,” he said.
Dangote said the company waited until the refinery became fully operational and its investment risks had been significantly reduced before offering shares to the public.
He said the IPO was not driven by a need for additional funding, noting that the group already had about $46 billion in projects in its pipeline as part of its Vision 2030 expansion plans.
“The primary purpose of making this offer is to democratise wealth creation. If it is the question of raising money, I think we have raised more than what we need as a group to execute all our projects,” he said.
The public offer is expected to raise about ₦2.15 trillion, making it one of the largest equity offerings in Africa. The proceeds will support the refinery’s long-term growth, operational expansion and strategic investments.
Dangote also disclosed that the group had previously raised $2.5 billion through a private placement, comprising $1 billion from investors and $1.5 billion through the IPO structure.
He said strong demand for the private placement resulted in about $1.2 billion worth of applications being returned after the company capped the amount it intended to accept.
Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said participation in the offer had been designed to be accessible, transparent and technology-enabled.
Eligible investors can subscribe through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the terms of the prospectus.
