President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has called on Nigeria and other African countries to take bold steps to drive change and prosperity across the continent.
Dangote said Africa must take deliberate steps to develop its economy and strengthen its institutions if it wants Europe and other continents to take it seriously.
He spoke on Monday at the signing ceremony for the initial public offering (IPO) of Dangote Petroleum and Petrochemicals FZE at Eko Hotels, Lagos.
Under the offer, the company is making 4.1 billion ordinary shares of $0.000013 each available for subscription at ₦525 per share.
Describing the ceremony as a significant moment for the company and the African continent, Dangote said the refinery was on course to become the largest in the world by 2028.
“This is the biggest IPO ever in the history of Africa,” Dangote stated.
He expressed appreciation to the Lagos State Government for its support, while also thanking the refinery’s bankers for believing in the project.
Dangote recalled the challenges encountered before the commencement of the refinery project, noting that the facility represented more than a business venture for Nigeria and Africa.
According to him, the refinery demonstrates that Africa can dream, pursue its ambitions and achieve its aspirations.
‘IPO For The People’
Speaking on the significance of the IPO, Dangote commended the refinery’s management and staff for their dedication, saying the share offer would give ordinary Nigerians an opportunity to own a stake in the facility.
He said junior employees would also be able to become shareholders, adding that there would be no segregation in determining who could own the shares.
Dangote said the objective was to ensure that Nigerians from different walks of life, including workers, drivers and cooks, could participate in the ownership of the refinery.
The IPO, valued at about ₦2.15 trillion, will offer 4.1 billion shares at ₦525 each. The offer is scheduled to open on September 14, 2026, and close on October 9, 2026.
Investors will be able to purchase a minimum of 100 shares, valued at ₦52,500.
The 650,000-barrel-per-day Dangote Refinery, located in Lagos, is Africa’s largest single-train refinery. The funds raised through the IPO will be used to support the expansion of its capacity, with plans to eventually increase production to 1.4 million barrels per day.
The refinery was commissioned in 2023 and subsequently commenced operations as part of efforts to boost domestic refining capacity and reduce Nigeria’s reliance on imported petroleum products.
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