By Ayomide Otitoju
President of the Dangote Group, Aliko Dangote, has said the listing of Dangote Petroleum Refinery and Petrochemicals FZE on the Nigerian Exchange (NGX) is aimed at broadening wealth creation rather than raising funds for the company.
Dangote made the remarks on Monday at the NGX trading floor in Lagos during the official opening of the refinery’s Initial Public Offering (IPO).
The offer comprises 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer opened on Monday and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
The IPO gives retail, institutional and eligible African investors an opportunity to acquire shares in the Dangote Refinery, one of Africa’s largest industrial projects.
Dangote said the decision to invite the public to participate was part of his long-standing commitment to broaden ownership of the refinery once it became fully operational and financially sustainable.
“The primary purpose of making this offer is to democratise wealth creation,” Dangote said, adding that the group had sufficient funds to execute its projects and had about $46 billion in investments and expansion plans in its pipeline.
He said the company’s earlier private placement had already met its funding requirements, making the IPO primarily an avenue to allow members of the public to participate in the refinery’s ownership.
According to Dangote, the refinery’s public offering would help ensure that the wealth generated by the project was not concentrated in the hands of a few investors.
He said the opportunity was open to Nigerians and investors across Africa and other parts of the world, adding that shareholders could benefit from the company’s future growth and dividends.
The public offer is expected to raise about N2.15 trillion, with the proceeds earmarked to support the refinery’s long-term growth, operational expansion and strategic investments.
Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, said the offer had been structured to make participation accessible, transparent and technology-driven.
Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions of the prospectus.
