Drivers, cooks, traders, domestic employees, and managers will have the chance to purchase shares in the Dangote Petroleum Refinery through its proposed Initial Public Offering (IPO), according to Aliko Dangote, President of Dangote Industries Limited.
At the signing ceremony for the registration documents of the proposed IPO, which he called a “IPO for the people” intended to increase ownership of the 700,000-barrel-per-day refinery, Dangote made the revelation in Lagos on Monday.
With 4.1 billion common shares priced at ₦525 apiece, the public offering is anticipated to raise just over ₦2 trillion. Ten shares has been set as the minimum subscription amount.
“But it is not only to fund the expansion of the refinery. What we are trying to do is to make sure majority of all these my, our drivers, our cooks, our servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” he said.
“This is why we have actually called it the IPO for the people. This is why we say that this is democratising.
“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action,” Dangote added.
Additionally, he highlighted the possibility of dividend payments in dollars for investors, claiming that such returns could assist shareholders in covering costs outside of Nigeria. According to the signed prospectus, the refinery is valued at roughly $49 billion and the offer at roughly $1.6 billion.
The public offer is set to begin on September 14 and end on October 13.
Dangote stated that the refinery was a component of his group’s larger plan to promote industrialization throughout Africa, contending that a steady supply of energy was necessary to accomplish that goal.
“Our Vision 2030 mantra at the Dangote Group is ‘accelerating Africa’s industrialization.’ We have learned the hard way, and we cannot industrialise if we do not have energy security.”
This is truly wonderful news! The opportunity for everyday Nigerians to become shareholders and participate in the nation’s industrial growth is inspiring. It opens doors for economic empowerment and a brighter future for all.
