President of Dangote Industries Limited, Aliko Dangote, has said the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals is designed to give ordinary Nigerians and other Africans an opportunity to become shareholders in the major industrial project.
Dangote said the company wants to broaden participation in the capital market by making ownership of the refinery accessible beyond wealthy and institutional investors.
He made the remarks during an interview with Arise TV as the refinery’s IPO got underway on the Nigerian Exchange.
According to Dangote, the company is targeting as many as 10 million shareholders, including small business owners and low-income earners.
He said the objective was not simply to raise money through the offer but to create a broad base of Nigerians who could participate in the refinery’s future growth and benefit from its performance.
Dangote described the initiative as an effort to “democratize the capital market,” arguing that ownership of a major Nigerian industrial asset should not be restricted to a small group of wealthy investors.
He also said the company expected families and individuals to take a long-term view of their investments rather than focusing only on short-term trading.
Digital access for investors
Dangote explained that prospective investors outside Nigeria would also be able to participate through digital channels.
He said platforms, including point-of-sale channels, could be used to facilitate share purchases, with the company covering the transaction commission so that investors would not bear that additional cost.
The IPO offers 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares, valued at N5,250. The offer is expected to raise about N2.15 trillion if fully subscribed.
The subscription period runs from September 14 to October 13, 2026.
Refinery expansion plans
Dangote said the company also has ambitious expansion plans for the refinery, including increasing its processing capacity to 1.4 million barrels per day.
Beyond refining crude oil, the company plans to expand its petrochemical operations, producing materials used in industries such as plastics and detergent manufacturing.
He said the planned expansion would create additional opportunities for investors while strengthening the refinery’s position in the global energy and industrial markets.
The Dangote Refinery currently has a nameplate capacity of 650,000 barrels per day and has been operating at significantly higher production levels in 2026. Reuters reported that the refinery recorded a net profit of $1.82 billion in the first half of 2026, compared with a loss in the corresponding period of the previous year.
Dangote said the broader ownership structure created through the IPO could eventually result in millions of Nigerians becoming shareholders in the refinery.
He even suggested that the potential size of the shareholder base could require the company to consider very large venues for future annual general meetings.
The IPO represents one of the largest public share offerings in Nigeria and is being positioned by Dangote as a way of widening participation in the country’s capital market.
