President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has said the planned Initial Public Offering of the Dangote Petroleum Refinery is being structured to enable ordinary Nigerians to become shareholders in the multi-billion-dollar facility.
Dangote said the IPO was designed “for the people”, with efforts being made to simplify the subscription process and make the offer accessible to investors across different income groups.
According to him, the objective goes beyond raising capital, as the offering is also intended to promote broader participation in wealth creation by allowing Nigerians to own part of an asset he described as strategic to Africa’s energy sector.
He said, “This refinery belongs to Nigerians and Africans. It was built to transform our economy, create prosperity and secure our energy future. We want the people to share in that success.
“That is why we are 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.”
Dangote said technology-driven subscription channels were being deployed to reduce bureaucracy and make it easier for both first-time and experienced investors to participate in the offer.
He said the simplified process would create opportunities for civil servants, artisans, traders, professionals, young entrepreneurs and cooperative societies, as well as pension contributors and Nigerians in the diaspora, to subscribe for shares.
The business mogul said the initiative was aimed at broadening access to wealth creation, arguing that economic opportunities had historically been concentrated among a relatively small number of people.
“Historically, wealth has often been concentrated in the hands of a few. Our objective is different. We want to create opportunities for millions of Nigerians to benefit from the value being created by this refinery,” he said.
Dangote described the IPO as an opportunity for Nigerians to own a stake in an enterprise he said was already playing a significant role in Africa’s refining industry.
He added that wider share ownership could help deepen Nigeria’s capital market and support more inclusive economic growth.
The Dangote Petroleum Refinery, located in the Lekki Free Zone in Lagos, is one of the largest single-train refineries in the world and has a stated capacity of 650,000 barrels of crude oil per day.