Drivers, cooks, traders can own refinery shares, says Dangote

Dangote Industries' President, Aliko Dangote, announced on Monday that the company's proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will allow drivers, cooks, traders, servants, and managers to own shares in the refinery. The billionaire businessman made this claim during a signing ceremony in Lagos, describing the IPO as an "IPO for the people" aimed at democratizing ownership of the industrial facility.

The IPO entails 4.1 billion ordinary shares at N525 apiece, expected to raise over N2tn. The minimum subscription is set at 10 shares. Dangote emphasized that the IPO was not solely for raising funds for refinery expansion but also to provide majority ownership opportunities to employees and people across the continent. He also discussed potential dollar-denominated dividends for shareholders, which could help investors meet expenses outside Nigeria.

The IPO, scheduled to open on September 14 and close on October 13, is valued at about $1.6bn, with the refinery valued at approximately $49bn. Reflecting on the refinery's journey, Dangote highlighted the company's early financial support from bankers and the various hurdles faced in determining the refinery's location. Despite resistance from the local community, Dangote credited former Lagos governors Babatunde Fashola and Akinwunmi Ambode, as well as Governor Babajide Sanwo-Olu, for their contributions to the project.

He urged Nigerians and Africans to take the lead in developing their economies, stating that the refinery represents more than an industrial project for Nigeria but symbolizes progress for the entire continent.