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The Chairman of Dangote Industries Limited, Aliko Dangote, says ordinary Nigerians will be able to acquire shares in Dangote Oil Refinery when the company’s planned initial public offering (IPO) opens for subscription.
Dangote said the share offering was designed to make ownership of the 700,000 barrel per day refinery accessible to a wide range of Nigerians, including first-time investors.
According to the industrialist, potential investors with a Bank Verification Number (BVN) will be able to participate in the offering through simplified and technology-driven subscription channels.
“This refinery belongs to Nigerians and Africans. It was built to transform our economy, create prosperity and secure our energy future. We want people to share in this success,” Dangote said.
“That’s why we’re making the IPO process simple, transparent and accessible. Anyone with a Bank Verification Number (BVN) will be able to invest and become a co-owner of this world-class refinery.”
He said the initiative was not only aimed at raising funds but also to broaden participation in wealth creation and give Nigerians the opportunity to directly benefit from the growth of the refinery.
Dangote said the proposed system would reduce bureaucratic hurdles and allow civil servants, traders, artisans, professionals, young entrepreneurs, cooperative societies, taxpayers and Nigerians living abroad to participate in the bidding.
“Historically, wealth has often been concentrated in the hands of a few. Our goal is different. We want to create opportunities for millions of Nigerians to benefit from the value created by this refinery,” he said.
The businessman said wider ownership of major Nigerian businesses would also help deepen the country’s capital market and promote more inclusive economic growth.
He cited previous public offerings of Dangote Group companies, saying they have enabled thousands of investors to benefit from dividends and increased value of their investments.
Dangote said the refinery’s IPO was consistent with his belief that Nigerians should participate in the economic value generated by strategic national resources, rather than just benefit from them as consumers.
“People should not only benefit as consumers of refined petroleum products; they should also benefit as owners. We are creating a pathway through which everyday Nigerians can directly participate in the growth story of this refinery,” he said.
The planned offering has attracted attention in the capital market due to the size of the refinery and its potential implications for Nigeria’s energy security, industrial development, foreign exchange earnings and exports of refined petroleum products.
With a reported capacity of 700,000 barrels per day, the Dangote oil refinery is described by the company as the largest single-train refinery in the world. Its operations have increased Nigeria’s domestic refining capacity and expanded the country’s potential for exporting refined petroleum products to other African markets.
Dangote said the company will maintain its focus on transparency, corporate governance and long-term value creation for shareholders.
It added that details on the IPO structure, subscription process and eligibility requirements will be released through relevant regulatory and capital market channels.
“The refinery is more than an industrial project. It is a symbol of what Nigerians can achieve. Now we are opening the doors for millions of people to become part of that journey,” Dangote said.
