The President of Dangote Group, Alhaji Aliko Dangote has stated that the refinery pegged minimum Initial Public Offering (IPO) subscription to 10 shares to allow more participation from ordinary Nigerians.
He spoke in Abuja on Thursday at the Investor Roadshow Forum for the Dangote Refinery IPO tagged ‘The Eagle Has Landed’ even as global leaders described the impending IPO as a game-changer and a wealth creator.
Represented by Regional Director, Senior Adviser to the Group President, Fatima Wali Abdurrahman Dangote also stated that the gathering is a prelude to the historic initial public offering of the 700,000 barrels-per-day Dangote Refinery and Petrochemicals, the largest refinery in Africa, and soon to be the largest in the world.
‘I believe that the development of Africa lies in the hands of Africans, and at the Dangote Group, we are privileged to be able to contribute to this process as co-creators of value. As Nigerians and Africans, we must spearhead the charge to develop our economies and our continent, in a bid to provide opportunities for our people. The potential is immense!
‘Our Vision 2030 mantra at the Dangote Group is ‘accelerating Africa’s industrialisation’ and aside from our investments in Nigeria as our hub, we have also initiated expansion plans in Ethiopia, Kenya, Tanzania, Namibia and some other African nations. Our hope is that other African entrepreneurs would join us in this journey of industrialising our continent.
‘In the approaching Dangote Refinery IPO, we intend to raise N2.15 trillion Naira ($1.6 billion) – at an offer price of N525, with a minimum subscription of 10 shares – to fund the expansion programme of the refinery. The offer price, and minimum subscription level is to allow for wider participation as we want every Nigerian to own a piece of this asset.
‘That is why we have called it The IPO for the People. We want every human being living on the African continent to be part of the action and reap the resultant benefits,’ he explained.
Also speaking, Prof Uche Uwaleke of Nasarawa State University urged investors to buy and retain their shares as a long-term investment.
Uwaleke said the IPO prospectus provided for an additional share as a bonus for investors who held their shares for at least one year. He called for greater participation by retail investors, particularly artisans, workers and small-business owners, stressing the need to take the investment opportunity to ordinary Nigerians.
Earlier, the Chairman of the event, Oluwagbenga Oyebode, said the offer comprised 4.1 billion ordinary shares at N525 per share, with expected net proceeds of about N2.1tn, representing 3.3 per cent of the refinery’s issued capital. He said the proceeds would be used entirely as growth capital to finance the next phase of the refinery’s expansion rather than repair its balance sheet.
In his presentation, economist and Chief Executive Officer of Financial Derivatives Company, FDC, Mr Bismarck Rewane, said the proposed N2.15 trillion IPO could help increase Nigeria’s Gross Domestic Product, GDP, from about $278 billion to $600 billion by 2030.
According to him, Nigeria’s GDP, estimated at $278 billion in 2025, could rise to about $600 billion following the investment, while consumer spending could increase from $166 billion to $240 billion and investment from $72 billion to $216 billion. He added that higher net exports could strengthen the naira and further increase the value of economic output.
Meanwhile, Prominent African and international leaders, say opening Dangote Petroleum Refinery and Petrochemicals to wider ownership through the
proposed initial public offering could mark a new vista in African wealth creation, industrialisation and economic sovereignty.
They spoke at the 2026 ADF Africa Diaspora Leadership Programme Young Global Leaders Convening in Lagos on Thursday.
According to the leaders, the refinery had already demonstrated Africa’s capacity to build at global scale, while its proposed IPO could allow ordinary Africans, pension funds, institutional investors and the diaspora to participate directly in the wealth created by one of the continent’s biggest industrial investments.
President and Chief Executive, Dangote Industries Limited, Aliko Dangote, explained that the philosophy behind the IPO was to extend the prosperity created by the refinery beyond its promoters and give ordinary Africans an opportunity to become owners.
‘I want drivers, cooks, the women selling food on the streets of Ghana, Rwanda and South Africa to invest so they can share in this prosperity,’ Dangote said during a fireside chat. ‘We are doing the IPO to pass this prosperity to Africans.’
He hinted that his ambition had always gone beyond accumulating wealth to building enterprises capable of creating jobs, opportunities and prosperity across the continent. ‘I am wealthy, not rich. A wealthy man creates wealth, while a rich man makes money and keeps it for himself,’ he said. ‘What keeps me going is that we must industrialise Africa. There is no amount of hurdle that will stop us. If you put a brick wall in front of me, I will make a hole and pass through.’
He expressed confidence that the refinery could eventually become Africa’s largest company by size and profitability, drawing parallels with global corporations such as Amazon, Microsoft, Tesla and Alibaba, which grew substantially after entering the public markets. ‘By the grace of God, this refinery will be the largest company in Africa by size and profitability,’ he said.
He said the Group’s wider mission was to reduce the perceived risks associated with investing in Africa and demonstrate that globally competitive enterprises could be built successfully on the continent. ‘Our job is to derisk Africa, encourage more investors, create jobs and create more opportunities. That is how we will transform Africa,’ Dangote said.
Speaking, former United States Assistant Secretary of State for African Affairs and Co Chair of The Africa Center, Ambassador Jendayi Frazer, said the proposed IPO could connect African industrial production with African and diaspora capital, broadening participation in the value created by the continent’s strategic assets. ‘The refinery connects us all through the proposed IPO that creates broader ownership,’ Frazer said. ‘It can broaden participation in the value created by African industry. It can connect investment with African production to scale with African institutions, pension funds, savers, individual investors, including the African diaspora coming into this, owning a stake in Africa’s growth.’
Frazer said the refinery had already ‘changed the equation’ for Africa, with implications extending far beyond petroleum production into the continent’s geopolitical standing.