Aliko Dangote, Chief Executive Officer of the Dangote Group, has revealed that investors can participate in the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE with a minimum subscription of just 10 ordinary shares, valued at ₦5,250.
He made the disclosure on Monday during the official signing ceremony for the refinery’s IPO held at Eko Hotel and Suites, Victoria Island, Lagos.
According to Dangote, the offering comprises 4.1 billion ordinary shares with a nominal value of $0.000013 each, priced at ₦525 per share.
“In this IPO, we intend to raise just a bit more than ₦2 trillion, which I’m sure is too small, at an offer price of ₦525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he stated.
Dangote explained that the funds raised would support the expansion of the refinery while deliberately opening ownership to a broad spectrum of Nigerians. He said the structure of the offer was designed so that “drivers, our cooks, our servants, our managers, and everybody” could become shareholders.
He added that the investment would also give subscribers a chance to build future savings through share ownership in the company.
Describing the public offer as “the IPO for the people,” Dangote stressed that the initiative aims both to finance the refinery’s growth and to widen public participation in one of Nigeria’s largest industrial assets.
More details of the IPO are expected to be announced shortly.
