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Investors can participate in the Dangote Petroleum Refinery initial public offering with as little as N5,250, the company’s CEO said on Monday, as Africa’s richest man opened the door for ordinary Nigerians to own a piece of the continent’s largest industrial asset.
Aliko Dangote made the announcement at a signing ceremony in Lagos, where he disclosed that the offering comprises 4.1 billion shares priced at N525 each. The minimum subscription is 10 shares.
The IPO aims to raise more than N2 trillion to finance the expansion of the 700,000 barrel-per-day refinery, Dangote said.
“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” Dangote said.
Dangote said the offer was designed to enable “drivers, our cooks, our servants, our managers, and everybody” to own a stake in the refinery.
The Dangote Group CEO described the public offer as “the IPO for the people,” adding that the investment would provide subscribers with an opportunity to build their future savings through ownership of shares in the company.
The IPO is expected to fund the refinery’s expansion while widening public participation in ownership of one of Nigeria’s largest industrial assets.
More details later.
