Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has described the public offer of shares in Dangote Petroleum Refinery & Petrochemicals FZE as a major opportunity for Nigerians and Africans to participate in the ownership of a world-class industrial asset and build long-term wealth.
Dangote spoke in Lagos during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX), where he said the $1.6 billion Initial Public Offering (IPO) ranked as the largest public offer of its kind in Africa.
He said the transaction went beyond raising funds for the refinery, arguing that it would enable millions of Nigerians and other eligible investors to acquire an ownership stake in a strategic enterprise that was already delivering significant financial returns.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset,” Dangote said.
He said the refinery had demonstrated its ability to generate substantial revenue, profitability and economic value, adding that shareholders could benefit from its future growth and dividend prospects.
“We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy. By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren,” he said.
According to Dangote, the offer was consistent with the Dangote Group’s philosophy of widening ownership and allowing ordinary citizens to participate in the success of major businesses.
The refinery has 4.1 billion ordinary shares on offer at ₦525 per share, with investors able to subscribe for a minimum of 10 shares at ₦5,250.
The structure of the offer, he said, was designed to accommodate investors across different income and professional categories, including civil servants, teachers, artisans, students, institutional investors, pension funds and Nigerians living abroad.
Dangote also used the occasion to highlight the refinery’s financial performance, disclosing that it generated approximately ₦19.47 trillion in revenue during the first half of 2026.
Profit after tax for the period stood at ₦2.55 trillion, according to the industrialist.
At the offer price, the refinery is expected to command an implied market capitalisation of about ₦65.22 trillion.
Its listing, combined with the existing market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, is projected to create a Dangote-linked equity cluster valued at approximately ₦83.5 trillion on the Nigerian Exchange.
This, if achieved, would make the Dangote Group the largest equity cluster on the Nigerian bourse.
Dangote also pointed to the broader economic significance of the refinery, saying its operations had helped Nigeria move towards becoming a major refining and petroleum products export hub rather than relying heavily on imports.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history,” he said.
“This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity.”
NGX Group Chairman, Umaru Kwairanga, described the IPO as a landmark transaction for the continent’s capital markets.
Kwairanga said the offer demonstrated the capacity of African capital markets to mobilise funds for large-scale industrial projects capable of accelerating economic growth.
Lagos State Governor, Babajide Sanwo-Olu, similarly described the transaction as a watershed for Africa’s financial markets, saying it reinforced confidence in the continent’s ability to mobilise capital and finance its own development.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” Sanwo-Olu said.
Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African entrepreneurs could build industrial projects with global significance.
He also encouraged investors from across the continent to participate in the refinery’s long-term growth.
Meanwhile, Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the facility’s operational performance, saying it had emerged as the largest single supplier of refined petroleum products to Europe.
Bird said the refinery remained focused on safe, reliable and efficient operations as it works towards its Vision 2030 target of becoming the world’s largest integrated refinery and petrochemical complex.
Dangote urged prospective investors to view the IPO as an opportunity to move from being consumers of the refinery’s products to becoming part-owners of the enterprise.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations,” he said.
“Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise.”
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