Dangote Refinery IPO opens to all Nigerians at N525 per share, minimum 10 shares
By Aboki Forex —
Aliko Dangote has said domestic workers, traders, drivers, cooks, and managers will all be eligible to buy shares in the Dangote Petroleum Refinery and Petrochemicals when its Initial Public Offering (IPO) launches. The offer is priced at N525 per share, with a minimum subscription of just 10 shares.
Dangote, President of Dangote Industries Limited, spoke on Monday at the signing ceremony for the IPO's registration documents in Lagos. He called the offer an "IPO for the people", designed to give ordinary Nigerians and other Africans a direct stake in Africa's largest oil refinery.
What the offer contains
The full offer covers 4.1 billion ordinary shares and is expected to raise slightly above N2 trillion. The offer opens on September 14 and closes on October 13.
An investor with N500,000 can purchase 952 shares, spending N499,800. The minimum entry point is 10 shares, about N5,250, meaning participation does not require a large upfront commitment, according to Punch reports.
Dangote: Everybody should own a stake
Dangote said: "What we are trying to do is to make sure the 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 added: "We want every human being living on the continent to be part of this action."
Beyond share ownership, Dangote pointed to dollar-denominated dividends as a potential benefit for investors. He said such returns could help shareholders cover expenses outside Nigeria.
The IPO is also intended to fund the refinery's planned expansion. Dangote said the group was pursuing investments in Ethiopia, Kenya, Tanzania, and Namibia.
From Olokola to Lekki
Dangote reflected on the journey from conception to public offer, noting that bankers backed the project even before a site was secured or a refinery licence obtained. The company spent three years and eight months at Olokola before eventually settling at the Lekki Free Zone.
He credited former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as current Governor Babajide Sanwo-Olu, for their roles in the project's development.
The Securities and Exchange Commission has already approved the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering. The regulator cleared the offer of 4.1 billion ordinary shares at N525 each, a transaction that could raise roughly N2.15 trillion if fully subscribed. The SEC also registered the refinery's existing 120.13 billion ordinary shares.
For ordinary Nigerians, this IPO offers a rare chance to own part of Africa's largest refinery with a low entry cost. If dollar-denominated dividends materialise, it could also give local investors a direct link to foreign currency earnings, a meaningful shift in a market where naira returns are the norm.