The Dangote Petroleum Refinery is opening its ownership to the Nigerian public through an Initial Public Offering(IPO) involving 4.1 billion shares at N5.25 each, in a landmark move for Nigeria’s capital market and Africa’s industrial development.
At the formal commencement of the IPO in Lagos, President of Dangote Group, Aliko Dangote, said the offer will give Nigerians and other Africans an opportunity to own a stake in the 700,000-barrel-per-day refinery, with digital subscriptions through fintechs, banks, telcos and mobile money platforms targeting up to 10 million investors.
The Dangote Petroleum Refinery is targeting over N2 trillion from its Initial Public Offer, opening Africa’s largest private refinery to millions of potential Nigerian investors. President of Dangote Group, Aliko Dangote, says the move will broaden public ownership of the 700,000-barrel-per-day facility.
David Bird, MD, Dangote Refinery and Bruce Tanner, Chief Financial Officer, Dangote Petroleum Refinery and Petrochemichals, described the planned listing as a historic milestone that will strengthen Africa’s energy security, industrial capacity and economic development.
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Some Financial experts and others present highlighted the refinery’s scale, growth potential and the IPO’s role in expanding retail participation in Nigeria’s capital market.
They said the offer involves 4.1 billion shares at N5.25 per share, with subscriptions enabled through fintechs, banks, telcos and mobile money platforms, targeting up to 10 million Nigerians. Investors can subscribe digitally using their BVN, making the offer accessible to a wider segment of the population.
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(Editor: Anoyoyo Ogiagboviogie)
