By Ayomide Otitoju
President of Dangote Group, Aliko Dangote, has projected that the Dangote Petroleum Refinery and Petrochemicals FZE will become the most valuable company in Africa by the end of 2026.
Dangote made the projection on Monday at the Nigerian Exchange (NGX) trading floor in Lagos while delivering an opening address to mark the commencement of the refinery’s Initial Public Offering (IPO).
The IPO, which opened on September 14, comprises 4.1 billion new ordinary shares priced at ₦525 per share, 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 designed to democratise wealth creation by giving ordinary Nigerians, Africans and other eligible investors an opportunity to own shares in the refinery.
“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,” Dangote said.
He urged prospective investors to consider the offer as an opportunity to participate in the refinery’s future growth, adding that the project should create value beyond its founders and a limited group of investors.
According to him, the IPO would provide teachers, civil servants and other ordinary investors with an opportunity to build wealth, while dollar-denominated dividends could provide a hedge against naira depreciation for Nigerians with financial obligations abroad.
Dangote said the decision to list the refinery was not primarily driven by the need to raise funds, noting that the Dangote Group already had sufficient resources to execute its projects.
“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.
He disclosed that the group currently had about $46 billion worth of projects in its investment pipeline as it works towards its Vision 2030 objectives.
Dangote described the listing as a milestone intended to make ownership of the refinery more accessible to Nigerians, Africans and investors globally.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race,” he said.
He added that the company had waited until the refinery became fully operational and its investment risks had been significantly reduced before opening ownership to the public.
The public offer is expected to raise about ₦2.15 trillion, making it one of the largest equity offerings in Africa.
According to Dangote, proceeds from the transaction will support the refinery’s long-term growth, operational expansion and strategic investments, while creating additional value for shareholders and other stakeholders.
He also disclosed that the group had previously raised $2.5 billion through a private placement, comprising $1 billion from investors alongside the IPO component.
Dangote said demand for the private placement was strong, with about $1.2 billion in applications returned after the company capped the amount it intended to accept.
The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said participation in the IPO had been designed to be accessible, transparent and technology-enabled.
Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the terms contained in the prospectus.
