Dangote Aims for 10 Million Shareholders in IPO

Aliko Dangote, Africa’s richest man, stated that his company, Dangote Petroleum Refinery and Petrochemicals, aims to secure 10 million shareholders through its ongoing Initial Public Offering (IPO). In a video interview with CNN International correspondent Larry Madowo, Dangote emphasized that the IPO, which opened on September 14, 2026, is not limited to Nigerians but has garnered interest from across Africa.

The IPO consists of 4.1 billion new ordinary shares priced at N525 each, with a minimum subscription of 10 shares, totaling N5,250. It is scheduled to close on October 13, 2026.

If fully subscribed, the IPO could raise N2.15 trillion ($1.6 billion), potentially increasing to about $2.1 billion if a greenshoe option is exercised. Dangote expressed confidence in achieving the target of 10 million shareholders, aiming to spread wealth across the continent and suggesting that future annual general meetings may need to be held in a stadium due to the anticipated large number of shareholders.