Dangote Refinery Launches N2.2trn IPO for 10m Shareholders

Dangote Petroleum Refinery and Petrochemicals Limited officially launched its Initial Public Offering (IPO) on Monday in Lagos, aiming to raise approximately N2.2 trillion through the sale of 4.1 billion ordinary shares priced at N525 each. This initiative is expected to attract 10 million subscribers, marking it as potentially the largest retail investment drive in Africa's history.

Aliko Dangote, President and Chief Executive of Dangote Group, emphasized that the IPO is not only about capital raising but also about democratizing wealth creation, allowing all Nigerians, including drivers and housemaids, to become part owners of the refinery. Chuka Eseka, Group Managing Director of Vetiva Advisory Services Limited, the lead issuing house, noted that the IPO follows approval from the Securities and Exchange Commission (SEC).

The valuation of the refinery is close to $50 billion, and the funds raised will facilitate an increase in production capacity from 700,000 barrels per day to 1.4 million barrels per day.