By Ayomide Otitoju
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has called on Nigeria and other African countries to take bold steps to drive economic growth and prosperity across the continent.
Dangote said Africa must deliberately develop its economies and strengthen its institutions if the continent wants to earn greater respect from Europe and other parts of the world.
He spoke on Monday at the signing ceremony for the Initial Public Offering (IPO) of Dangote Petroleum and Petrochemicals FZE at Eko Hotels, Lagos.
Under the offer, the company is putting 4.1 billion ordinary shares of $0.000013 each up for subscription at ₦525 per share.
Describing the ceremony as a significant moment for the company and Africa, Dangote said the refinery was on course to become the world’s largest by 2028.
“This is the biggest IPO ever in the history of Africa,” he said.
Dangote thanked the Lagos State Government for its support and commended the refinery’s bankers for their confidence in the project.
He recalled the challenges encountered before construction of the refinery began, noting that the facility represented more than a business venture for Nigeria and Africa.
According to him, the project demonstrates that Africa can dream, pursue its ambitions and achieve its aspirations.
Speaking on the significance of the IPO, Dangote commended the refinery’s management and staff for their dedication, saying the share offer would give ordinary Nigerians an opportunity to own a stake in the facility.
He said junior employees would also be able to become shareholders, stressing that there would be no segregation in determining who could own the shares.
Dangote said the objective was to enable Nigerians from different walks of life, including workers, drivers and cooks, to participate in the ownership of the refinery.
The IPO, valued at about ₦2.15 trillion, will offer 4.1 billion shares at ₦525 each.
The offer is scheduled to open on September 14, 2026, and close on October 9, 2026, while investors will be able to subscribe for a minimum of 10 shares.
The Dangote Refinery, located in Lagos, is Africa’s largest single-train refinery, with a capacity of 700,000 barrels per day.
Proceeds from the IPO will support the expansion of the facility, with plans to eventually increase its capacity to 1.4 million barrels per day.
Commissioned in 2023, the refinery commenced operations as part of efforts to boost Nigeria’s domestic refining capacity and reduce reliance on imported petroleum products.
