Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has assured retail and small investors that they will be given priority allocation in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery if the offer is oversubscribed, as he reaffirmed his vision of making it a genuine “People’s IPO.”
According to Dangote, the offer was deliberately structured to widen ownership of one of Africa’s most strategic industrial assets, giving millions of Nigerians a chance to directly participate in the refinery’s growth and future value.
He said the IPO is aimed at deepening financial inclusion and democratizing wealth creation by opening ownership to a broader cross-section of society.
He said one of the central goals of the offer is to build one of the largest shareholder communities on the continent, targeting no fewer than 10 million investors from Nigeria and beyond.
Speaking on the public offer, Dangote said: “This is more than a capital-raising exercise. It is a historic opportunity to deepen financial inclusion, democratise wealth creation and enable ordinary Nigerians to become co-owners of a world-class industrial enterprise. From the beginning, our vision has been to create a genuine People’s IPO that allows millions of Nigerians to share directly in the success of this refinery.”
While stressing that the company welcomes all categories of investors, Dangote said allocation decisions in the event of oversubscription would be guided by the principle of broad-based ownership.
“If the offer is oversubscribed, retail and small investors will receive priority consideration. We are determined to ensure that ordinary Nigerians are not crowded out by large subscriptions. Our objective is not merely to raise capital, but to create millions of shareholders who can participate in the growth and prosperity of the Dangote Refinery. We want as many people as possible to own a stake in this national asset,” he said.
Dangote explained that prioritizing retail investors aligns with his long-standing belief that economic development should be paired with broad citizen participation and ownership.
“We believe prosperity should be shared by the many, not concentrated in the hands of a few. This refinery was built to transform Nigeria’s energy landscape, and we want millions of Nigerians to be part owners of that transformation,” he added.
He further described the IPO as a major step toward building an ownership economy, one in which civil servants, artisans, traders, professionals, cooperative societies, pension contributors, young entrepreneurs and Nigerians in the diaspora can hold a direct stake in one of Africa’s most significant industrial ventures.
Dangote noted that the offer has been designed to be simple, transparent and technology-driven, with BVN-enabled subscription channels helping to eliminate traditional barriers that have long limited participation in the capital market.
Voicing confidence in the offer’s success, he said the IPO would not only strengthen Nigeria’s capital market but also serve as a landmark model of inclusive wealth creation.
“Our ambition is clear. We want to build a shareholder base of at least 10 million investors and create one of the most widely owned companies in Africa. That is the essence of the People’s IPO. It reflects our conviction that every Nigerian should have the opportunity to participate in the value being created by this world-class refinery,” he said.
