· Dangote expands northern footprint, unveils new skills centre in Kano
Kayode Tokede in Lagos and Ahmad Sorondinki in Kano
The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, with the company offering 4.1 billion ordinary shares at N525 each.
The offer could raise approximately N2.15 trillion if fully subscribed, according to a statement issued by the Dangote Group yesterday.
The SEC’s approval now clears the way for the next stages of the offering.
According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at N525 per share, with the potential to raise approximately N2.15 trillion if fully subscribed. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.
The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.
The approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
SEC also registered the refinery’s existing 120.13 billion ordinary shares as part of the process.
The proposed offer will give investors an opportunity to acquire shares in one of Nigeria’s largest industrial projects as the refinery moves towards becoming a publicly traded company.
Located in Ibeju-Lekki, Lagos, the Dangote Refinery currently has a capacity of 700,000 barrels per day.
The facility is also undergoing an expansion expected to increase its capacity to 1.4 million barrels per day.
“The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency. It also holds the world’s largest single order of five Single Point Moorings (SPMs) and incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency (EPA), European emission standards, and Nigerian regulatory requirements.
“Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres,” the statement added.
Dangote had previously said the proposed IPO was part of efforts to broaden investment in the refinery, with the offering expected to be one of the largest capital market transactions in Nigeria.
Meanwhile, the Aliko Dangote Foundation has expanded its interventions in Northern Nigeria after signing a Memorandum of Understanding (MoU) with the Kano State Government to take over the management of the Aliko Dangote Skills Acquisition Centre in the state.
Under the agreement, the Foundation will manage the multi-million naira facility for a number of years and run programmes aimed at equipping young people with technical, digital and industrial skills.
The Kano deal comes at the same time the Foundation has completed a similar centre in Ganaja, Kogi State, which is slated for inauguration.
Chairman of the Manufacturers Association of Nigeria (MAN) Kano-Jigawa Branch, Muhammad Bello Isyaku Umar, described the intervention as “far-reaching and impactful” and said skills acquisition remains one of the most effective ways of addressing youth unemployment in the country.
“Programmes such as the Aliko Dangote Skills Acquisition Centre can equip young people with practical skills that enable them to become entrepreneurs, artisans or employees. The emphasis should increasingly be on modern technical, digital and industrial skills,” he said.
Umar noted that Kano remained the economic and commercial hub of northern Nigeria, adding that the overall impact of the foundation interventions in the region has been broad-based.
“From healthcare and education to women empowerment, water and poverty alleviation, the Foundation has touched many aspects of people’s lives. What is particularly commendable is that these interventions complement government programmes while directly addressing the needs of vulnerable communities,” he said.
He disclosed that MAN has also been a beneficiary of annual sponsorship from Dangote Industries Limited, which he said demonstrates a strong commitment to Nigerian manufacturing and strengthens collaboration among indigenous manufacturers, government and major industrial investors.
Managing Director of Radio Kano, Abubakar Adamu, also described the takeover of the skills centre as the single most “strategically important areas of partnership for Kano’s future.”
He said Kano’s huge youthful population cannot rely only on conventional government jobs and that young people need skills that correspond to actual market demand.