Aliko Dangote has opened a $1.6 billion initial public offering for Dangote Petroleum Refinery and Petrochemicals, describing the transaction as a landmark opportunity for Nigerians and Africans to participate in the country’s biggest industrial projects.
Aliko Dangote has urged Nigerians and investors across Africa to participate in the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The offering is valued at approximately $1.6 billion, making it Africa’s largest IPO, according to Reuters. The company is offering 4.1 billion shares at N525 each.
Speaking during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote described the transaction as an opportunity to broaden ownership of one of Africa’s most significant industrial assets.
The IPO is designed to make participation accessible to retail investors, with individuals able to purchase shares through approved investment channels.
Dangote has presented the offer as an opportunity for Nigerians and other Africans to participate directly in the wealth generated by the refinery.
The transaction represents a major development for Nigeria’s capital market and could bring a large number of new retail investors into the equities market.
Reuters reports that the refinery is currently valued at about $47.59 billion and is operating at a production capacity of 700,000 barrels per day.
Proceeds from the offering are expected to support the company’s expansion plans, including a proposed increase in refining capacity to 1.4 million barrels per day.
The IPO also marks a significant shift in the ownership structure of the refinery, giving ordinary Nigerians a route to participate in one of the country’s largest private-sector industrial investments.