By Ghazali Ibrahim
President of Dangote Industries Limited, Aliko Dangote, has said ordinary Nigerians, including drivers, cooks, traders, domestic staff and managers, will have the opportunity to own stakes in the Dangote Petroleum Refinery through its proposed Initial Public Offering.
Dangote made the disclosure on Monday in Lagos during the signing of registration documents for the refinery’s IPO, describing it as an “IPO for the people” aimed at broadening ownership of the 700,000-barrel-per-day facility.
The proposed offer comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares. It is expected to raise slightly above N2tn, while the refinery is valued at about $49bn under the offer.
Dangote said the share sale was not solely about raising funds for the refinery’s planned expansion, but also about giving Nigerians and other Africans an opportunity to become part-owners of the massive industrial project.
“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action,” he said.
The public offer is expected to open on September 14, giving investors an opportunity to buy into one of Africa’s biggest industrial projects.
Dangote also highlighted the possibility of dollar-denominated dividends for shareholders, saying such returns could help investors meet expenses outside Nigeria.
