The Dangote Petroleum Refinery and Petrochemicals has commenced its Initial Public Offering (IPO), with the company targeting more than N2tn from investors to support the expansion of its operations.
Speaking at the launch of the IPO, President of Dangote Industries Limited, Aliko Dangote, said the offer was designed not only to raise capital for the refinery’s expansion but also to give ordinary Nigerians and Africans an opportunity to own a stake in the landmark project.
Dangote disclosed that the shares are being offered at N525 each, with a minimum subscription of 10 shares, describing the offer as an “IPO for the people.”
He said the initiative was aimed at ensuring that workers across different levels of the organisation, including drivers, cooks, managers and other employees, could participate in the ownership of the refinery.
According to him, the IPO represents a broader vision of creating shared prosperity and giving Nigerians an opportunity to benefit directly from the refinery’s growth.
Dangote said the refinery, which currently has a capacity of 700,000 barrels per day, is already operating as a world-scale merchant refinery capable of processing different grades of crude and supplying products to several markets.
He described the facility as the largest refinery in Africa and one of the largest globally, adding that its strategic location in Nigeria gives it access to crude resources across the West African region.
The refinery’s management also highlighted its growing presence in international markets, noting that the facility has emerged as a major supplier of jet fuel to Europe.
The company said its expansion programme is already underway, with plans to increase refining capacity to 1.4 million barrels per day and expand its petrochemical and distribution operations across Africa.
The expansion, which is expected to be completed by 2028, is projected to transform the Dangote facility into the world’s largest integrated refinery and petrochemical complex.
The company further disclosed plans to strengthen its distribution infrastructure across West Africa, beginning with projects such as its proposed operations in Namibia, including tank farms and pipelines designed to serve underserved inland markets.
Dangote said the long-term objective is to position the refinery beyond Nigeria as a pan-African energy platform capable of supporting industrialisation and energy security across the continent.
He said the project demonstrates that African businesses can undertake large-scale industrial projects capable of competing on the global stage.
Dangote expressed appreciation to the company’s bankers, advisers, regulators, the Nigerian Exchange Group and other stakeholders for their support in bringing the IPO to the market.
He described the offering as the biggest IPO in Africa’s history and urged investors to participate in the opportunity.
The ongoing IPO marks a significant phase in the Dangote Refinery’s development as the company seeks to mobilise additional capital while widening ownership of the massive energy project among Nigerians and other African investors.
