The Dangote Petroleum and Petrochemicals FZE has launched an Initial Public Offer (IPO) of 4.1 billion ordinary shares at N525 per share.
The offer is expected to raise slightly more than N2 trillion to support the company’s expansion plans.
At the signing ceremony, the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the significance of the offer extended beyond Nigeria to the entire African continent.
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Dangote said the initiative demonstrated the need for Nigerians and Africans to take bold steps towards developing their economies and creating opportunities for their people.
“We as Nigerians and Africans must be bold and lead the change to develop our economies and our continent. And by doing so, we provide opportunities for our people. It will also create prosperity,” he said.
Dangote said economic development would strengthen Africa’s position in negotiating with other countries and securing better terms.
“Only then will the others take us very seriously, only then we will be in a position to negotiate and walk away with terms that we deserve, not those terms that are given to us. The refinery means so much to our continent,” he said.
According to him, the offer price was set to make the shares affordable to as many Nigerians and Africans as possible.
He said the minimum subscription was 10 shares, adding that the initiative was designed to give people from different backgrounds an opportunity to own a stake in the refinery.
“So this is why we have actually called it the IPO for the people. There is no segregation on who can own share. We want every human being living on the continent to be part of this action,” Dangote said.
He urged investors to pay attention to other parts of Africa as they continued to invest in Nigeria, which he described as the powerhouse of the continent.
