Aliko Dangote, President of the Dangote Group and majority shareholder of the Dangote Refinery, recently said investors with N50,000 ($37.59) and below will receive more attention concerning the Dangote Refinery’s initial public offering (IPO).
He made the revelation at the nationwide IPO roadshow in Port Harcourt, Rivers State, as the event ended.
Addressing investors, financial market experts, business leaders, and other stakeholders, Africa’s richest man reiterated a message he has insisted on since he decided to take his refinery public, and that is the fact that the IPO was initiated for the average and below-average African investor.
“We will prioritise people with 50,000 and below,” Dangote stated, according to a Wednesday statement by the Dangote Group.
During the event, Dangote also revealed that investors from across the globe had already committed significant capital to the refinery.
However, the public offering is intended to enable Nigerian citizens to secure direct ownership in the enterprise.
“African investors have invested in this refinery. Now it is time for Nigerians to invest in themselves and participate in a project that is creating value, jobs, and opportunities for generations to come,” Dangote stated.
The Nigerian billionaire urged potential investors to take a long-term view of the IPO, noting that it could offer opportunities to build wealth and diversify their investment portfolios, as reported by the Punch.
It was recently reported that the refinery has returned to profitability, raking in $4.725 billion in net income for the nine months ended September 30, 2026.
Revenue more than doubled to $22.5 billion as the refinery processed up to 700,000 barrels of crude oil per day.
The company reported $650.8 million in cash, compared with $1.7 billion in debt a year earlier.
This improved financial performance coincides with the refinery's efforts to secure capital amounting to billions of dollars through the IPO, which is projected to be the largest equity offering in African history.
Dangote IPO
The Dangote Refinery IPO is intended to attract investors across Africa, starting from its home base, Nigeria.
The Refinery IPO aims to broaden ownership of the $20 billion facility, which has a processing capacity of 700,000 barrels per day, by bringing in up to 10 million retail investors in Nigeria and across Africa.
The IPO was launched on September 14 and was initially scheduled to close on October 13, before being recently extended to October 27.
The initial public offering currently consists of 4.1 billion new ordinary shares priced at N525 per share, with a minimum purchase requirement of 10 shares valued at N5,250.
The issuance of 4.1 billion new ordinary shares at N525 each is expected to raise roughly N2.15 trillion upon full subscription.
The Dangote Refinery IPO is intended to attract investors across Africa, starting from its home base, Nigeria.
The Refinery IPO aims to broaden ownership of the $20 billion facility, which has a processing capacity of 700,000 barrels per day, by bringing in up to 10 million retail investors in Nigeria and across Africa.
The IPO was launched on September 14 and was initially scheduled to close on October 13, before being recently extended to October 27.
The initial public offering currently consists of 4.1 billion new ordinary shares priced at N525 per share, with a minimum purchase requirement of 10 shares valued at N5,250.
The issuance of 4.1 billion new ordinary shares at N525 each is expected to raise roughly N2.15 trillion upon full subscription.
By Chinedu Okafor, Business Insider Africa
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