President of Dangote Group, Aliko Dangote, says the Dangote Petroleum Refinery Initial Public Offering is aimed at expanding ownership and allowing more people to participate in the wealth created by the business.
He made the remarks at the official Initial Pu lic Offer of rhe company share in Lagos this Tuesday
Dangote says the IPO is not primarily about raising funds, noting that the group already has sufficient resources to execute its expansion plans, with about 46 billion dollars in projects in the pipeline towards its 2030 vision.
He says the public offer is designed to democratise wealth creation, stressing that an asset of the refinery’s magnitude should not create value for only a few people, but should benefit millions of investors in Nigeria and beyond.
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Dangote says the refinery is a world-class industrial asset and the largest refinery in Africa, with its operations serving Nigeria, other African markets and international destinations.He adds that the company plans further expansion, including projects that will increase its production capacity.
He called on Nigerians and other investors to participate in the offer, saying the broader objective is to deepen the capital market, create prosperity through ownership and build a stronger Nigerian and African economy.
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(Editor: Anoyoyo Ogiagboviogie)
