By Udeme Akpan
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said the ongoing Dangote Petroleum Refinery Initial Public Offering, IPO, reflects the Group’s long-term commitment to Africa’s industrialisation, wealth creation and economic development.
Speaking during an interview with Bloomberg Television, Dangote said the IPO was designed not only to raise capital but also to broaden African ownership of a major strategic asset.
“For decades, Africa’s most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent,” he said.
According to him, the offering would give ordinary Africans and institutional investors an opportunity to participate in the growth of the refinery and share in the value created by the project.
“It is about creating value, expanding prosperity, and building generational wealth for our people,” Dangote said.
He described the refinery as an African response to the continent’s longstanding energy challenges, noting that the project was conceived to reduce dependence on imported petroleum products while strengthening local production.
“Our objective has always been bigger than building a refinery. We want to create institutions that will outlive us, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent,” he stated.
Dangote disclosed that the refinery’s capacity would be expanded from its current 700,000 barrels per day to 1.4 million barrels per day over the coming years.
He said the expansion would strengthen the refinery’s position among the world’s largest refining complexes and increase Africa’s capacity to meet its energy requirements.
Dangote added that proceeds from the IPO would support the expansion programme, while the company also plans to seek a listing on the New York Stock Exchange after completing the next phase of development.
According to him, the proposed international listing would provide access to global capital and further expose African industrial assets to international investors.
On investor confidence, Dangote said strong demand during the refinery’s private placement demonstrated significant interest in the project.
He explained that the amount raised through the private placement was deliberately limited to allow for wider participation in the subsequent public offering.
The industrialist said the Group’s broader investment strategy would continue to focus on sectors capable of driving industrial growth, including refining, petrochemicals, cement, fertiliser and manufacturing.
“Africa has the resources, the talent and the market. What we need is to continue to industrialise and create businesses that can compete globally,” he said.
The Dangote Petroleum Refinery IPO has attracted significant attention from investors and market participants, coming as the company seeks to broaden ownership of the refinery while raising funds for further expansion.
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