By Udeme Akpan
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured retail and small investors that they will receive priority allocation if the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery is oversubscribed.
Dangote, who described the offer as a genuine “People’s IPO”, said it was deliberately structured to broaden ownership of one of Africa’s most strategic industrial assets and give millions of Nigerians an opportunity to participate directly in the refinery’s growth and future value creation.
According to him, the IPO is aimed at deepening financial inclusion, democratising wealth creation and creating one of Africa’s largest shareholder communities, with a target of attracting at least 10 million investors from Nigeria and across the continent.
Speaking on the public offer, Dangote said: “This is more than a capital-raising exercise. It is a historic opportunity to deepen financial inclusion, democratise wealth creation and enable ordinary Nigerians to become co-owners of a world-class industrial enterprise. From the beginning, our vision has been to create a genuine People’s IPO that allows millions of Nigerians to share directly in the success of this refinery.”
He emphasised that while the company welcomes participation from all categories of investors, allocation in the event of oversubscription would be guided by the principle of broad-based ownership.
“If the offer is oversubscribed, retail and small investors will receive priority consideration. We are determined to ensure that ordinary Nigerians are not crowded out by large subscriptions. Our objective is not merely to raise capital, but to create millions of shareholders who can participate in the growth and prosperity of the Dangote Refinery. We want as many people as possible to own a stake in this national asset.”
Dangote said prioritising retail investors reflects his long-held belief that economic development should be accompanied by broad citizen participation and ownership.
“We believe prosperity should be shared by the many, not concentrated in the hands of a few. This refinery was built to transform Nigeria’s energy landscape, and we want millions of Nigerians to be part owners of that transformation.”
He noted that the IPO represents a major step towards building an ownership economy in which civil servants, artisans, traders, professionals, cooperative societies, pension contributors, young entrepreneurs and Nigerians in the diaspora can participate directly in one of Africa’s most important industrial enterprises.
He added that the offer had been designed to be simple, transparent and technology-driven, with BVN-enabled subscription channels helping to remove traditional barriers that have historically limited participation in the capital market.
Expressing confidence in the offer, Dangote said the IPO would deepen Nigeria’s capital market while providing a landmark example of inclusive wealth creation.
“Our ambition is clear. We want to build a shareholder base of at least 10 million investors and create one of the most widely owned companies in Africa. That is the essence of the People’s IPO. It reflects our conviction that every Nigerian should have the opportunity to participate in the value being created by this world-class refinery.”
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