By Frontline Reporters

President of Dangote Industries Limited, Aliko Dangote, has said drivers, cooks, traders, domestic workers, managers and other ordinary Nigerians will have the opportunity to become shareholders in the Dangote Petroleum Refinery through its proposed Initial Public Offering.

Dangote made the disclosure on Monday in Lagos while signing the registration documents for the proposed IPO of Dangote Petroleum Refinery and Petrochemicals FZE. He described the offer as an “IPO for the people”, aimed at broadening ownership of one of Africa’s largest industrial projects.

The proposed offer comprises 4.1 billion ordinary shares at N525 per share, which is expected to raise slightly above N2 trillion. The minimum subscription has been set at 10 shares, according to Dangote.

He explained that the IPO was not solely designed to raise funds for the refinery’s expansion, but also to democratise ownership by giving people across Nigeria and Africa the opportunity to invest in the facility.

“What we are trying to do is to make sure majority of all these—our drivers, our cooks, our servants, our managers, everybody—they will have an opportunity to have a stake in this refinery,” Dangote said.

He added: “This is why we have actually called it the IPO for the people. This is why we say that this is democratising. There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action.”

Dangote Hints at Dollar-Denominated Dividends

Dangote also highlighted the potential returns investors could receive from their investment, including the possibility of dollar-denominated dividends.

He said shareholders could eventually use such earnings to meet expenses outside Nigeria, including education and other international obligations.

The signed prospectus values the offer at approximately $1.6 billion, while the IPO places the refinery’s valuation at about $49 billion.

The public offer is scheduled to open on September 14, 2026, and close on October 13, 2026.

From Bankers’ Trust to a Landmark Refinery

Reflecting on the refinery’s journey, Dangote recalled how the project received financial backing from bankers even before the company had settled on its final location or secured the necessary refinery licence.

He said the confidence and trust shared between the company and its financial partners enabled the project to overcome several early obstacles.

According to him, the company spent about five years searching for suitable land for the massive project. It also spent three years and eight months at Olokola before eventually moving to the Lekki Free Zone.

“We spent three years, eight months in Olokola, and then over a year and a half before we got access to our land at Lekki Free Zone,” he said.

Dangote also recalled the resistance encountered from some members of the host community when the company attempted to gain access to the Lekki site, describing the experience as one of the challenges faced during the refinery’s development.

He acknowledged the contributions of former Lagos State governors Babatunde Fashola and Akinwunmi Ambode, as well as the incumbent governor, Babajide Sanwo-Olu, to the development of the project.

‘Nothing Is Impossible’

Expressing gratitude for the refinery’s progress, Dangote said he was thankful to have lived to witness the project reach the IPO stage.

He urged Nigerians and other Africans to be more ambitious and take the lead in transforming their economies.

“As I have said repeatedly, we as Nigerians and Africans must be bold and lead the change to develop our economies and our continent,” he said.

“By doing so, we provide opportunities for our people and create prosperity. Only then will others take us very seriously. Only then will we be in a position to negotiate and walk away with terms that we desire, not those terms that are given to us.”

Dangote described the refinery as more than an industrial project, saying it represented a symbol of collective pride and Africa’s potential to achieve major economic transformation.

He added that the IPO demonstrated that Africans could dream big, create prosperity and achieve seemingly impossible goals through determination and focus.

Energy Security Crucial to Industrialisation

Dangote said the refinery was central to the Dangote Group’s broader ambition of accelerating industrialisation across Africa.

“Our Vision 2030 mantra at the Dangote Group is ‘accelerating Africa’s industrialisation.’ We have learned the hard way, and we cannot industrialise if we do not have energy security,” he said.

He said the group had consequently broadened its outlook as it continued to invest in Nigeria while expanding its operations and industrial ambitions across the continent.

Dangote cited expansion plans and investment opportunities in countries including Ethiopia, Kenya, Tanzania and Namibia, saying the group’s activities were also encouraging other African entrepreneurs to participate in the continent’s industrialisation drive.

Meanwhile, the Dangote Refinery public offer is expected to open to investors on September 14.

As of Monday afternoon, checks by Frontline Reporters on the Nigerian Exchange and investment platforms, including Bamboo, indicated that the refinery had not yet been officially listed or commenced trading.

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