Aliko Dangote, President of Dangote Industries Limited and Chief Executive of Dangote Petroleum Refinery, has described the planned initial public offering of Dangote Refinery and Petrochemicals as an “IPO for the People,” saying the offer is designed not only to raise more than N2 trillion but also to give Nigerians and other Africans an opportunity to own a stake in the landmark refinery.
Speaking at the signing ceremony for the IPO on Monday, Dangote said the offer, priced at N525 per share with a minimum subscription of 10 shares, would support the refinery’s expansion while broadening ownership of the 700,000 barrels-per-day facility.
He said the decision to keep the minimum subscription low was deliberate, stressing that the objective was not simply to maximise proceeds but to enable ordinary Nigerians, including the company’s drivers, cooks, workers and managers, to participate in the ownership of the refinery.
“This is why we have actually called it the IPO for the People. 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 said.
According to him, the planned capital raise of “just a bit more than N2 trillion” was relatively small compared with the scale of the refinery and its expansion requirements.
He explained that the wider objective was to create an investment opportunity through which ordinary Nigerians could build long-term wealth from the performance of one of Africa’s largest industrial assets.
Dangote said investors could ultimately use dividends from their holdings to meet significant financial obligations, citing education expenses abroad as an example of the potential long-term benefit of ownership.
The planned offer comes as Dangote Refinery moves into a new phase of…
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Read Full Article by Kehinde Akinseinde-Jayeoba at tribuneonlineng.com
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