• Lagos|Dangote Refinery’s IPO document signing ceremony
Africa’s richest billionaire industrialist, Aliko Dangote has dubbed the proposed initial public offering of Dangote Petroleum Refinery, as an “IPO for the people”
Dangote stated this during the IPO prospectus signing ceremony with the leaderships of Nigerian capital markets (SEC and NGX) including the transaction advivers, today, September 7,2026, in Lagos,
Dangote emphasised that asides institutional and corporate investors, ordinary Nigerians -drivers, cooks, traders, servants and managers have an opportunity to own shares in the company. The company sets the minimum subscription at 10 ordinary shares priced at N525 each.
“What we are trying to do is to make sure majority of all these my—our drivers, our cooks, our, you know, servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” said Dangote.
“So, this is why we have actually called it the IPO for the people. This is why we say that this is democratizing,” he said, adding “There is no segregation on who can own these shares. We want every human living on the continent to be part of this action, and I’m sure they will continue to be happy now, future, and forever.”
The signed prospectus puts the value of the offer at about $1.6 billion, while the IPO values the refinery at about $49 billion.
The IPO, comprising 4.1 billion ordinary shares at N525 each and is expected to raise just over N2 trillion, is scheduled to open on September 14 and close on October 13.
