President of Dangote Industries Limited, Aliko Dangote, says ordinary Nigerians, including drivers, cooks, traders, and managers, will have the opportunity to own shares in the Dangote Petroleum Refinery.
Dangote made the announcement on Monday in Lagos while signing the registration documents for the refinery’s initial public offering (IPO), which he described as an “IPO for the people.”
The offer comprises 4.1 billion ordinary shares at ₦525 each, with a minimum subscription of 10 shares. If fully subscribed, the IPO is expected to raise about ₦2.15 trillion ($1.63 billion).
The offer is scheduled to open on September 14 and close on October 13, 2026. The refinery is expected to be listed on the Nigerian Exchange after the offer.
Dangote said the IPO was not only aimed at raising funds for the refinery’s expansion but also at widening ownership among Nigerians and other Africans.
“What we are trying to do is to make sure that the majority of our drivers, our cooks, our servants, our managers, everybody will have an opportunity to have a stake in this refinery,” he said.
The refinery, located in the Lekki Free Zone, has a processing capacity of about 650,000 barrels per day and is planning an expansion that would increase capacity to 1.4 million barrels per day by 2029.
The IPO is expected to be Africa’s largest public share offering and values the refinery at roughly $49 billion.
