Aliko Dangote, President of Dangote Industries Limited, has announced plans to open ownership of the Dangote Petroleum Refinery and Petrochemicals to ordinary Nigerians through a public share offering expected to raise more than ₦2 trillion.
Dangote made the announcement on Monday in Lagos at the signing ceremony for the planned listing of the refinery on the Nigerian stock market.
Under the offer, 4.1 billion shares will be made available at ₦525 per share, with investors allowed to purchase a minimum of 10 shares, costing ₦5,250.
Dangote said the offer would be open to everyone, regardless of occupation or social status, giving drivers, traders, cooks, managers, domestic workers and other Nigerians an opportunity to own a stake in the refinery.
He described the initiative as more than a fundraising exercise for the expansion of the refinery, saying it was intended to give Nigerians and Africans an opportunity to participate directly in the success of the landmark project.
According to him, shareholders could also benefit from dollar-denominated dividends, which would provide additional value to investors.
The refinery, which Dangote said is valued at about $49 billion, currently has a production capacity of 700,000 barrels per day, making it Africa’s largest refinery and the world’s largest single-train refinery.
The public offer is scheduled to open on September 14 and close on October 13.
Reflecting on the journey to building the refinery, Dangote said the project took more than a decade to materialise and required the support of financial institutions that backed it even before the site had been secured or the necessary licence obtained.
He recalled that the project initially spent three years and eight months at Olokola before it was eventually relocated to Lekki, Lagos.
Dangote acknowledged the contributions of successive Lagos State governors and other stakeholders whose support, he said, helped make the project possible.
He stressed that energy security remained critical to Africa’s industrialisation, noting that Dangote Group was expanding its industrial investments across the continent, including projects in Ethiopia, Kenya, Tanzania and Namibia.
Speaking on the refinery’s operations, its Chief Executive Officer, David Bird, said the facility currently supplies petroleum products to Nigeria and other West African markets while also exporting products to international markets, including Europe.
Bird said the refinery had become a major supplier of jet fuel to European countries and had successfully supplied products to several international markets.
He added that the facility could process different grades of crude oil and had performed strongly over the past six months, helping to address supply challenges arising from disruptions in the global energy market.
Bird further disclosed that the planned expansion of the refinery had already been fully designed and financed, with construction now the major outstanding phase.
Dangote said the share offering represented an opportunity for Nigerians to participate in the ownership and future growth of one of Africa’s most significant industrial projects.
