Aliko Dangote has said retail and small investors will receive priority allocation if the ongoing initial public offering of Dangote Petroleum Refinery is oversubscribed.
The President and Chief Executive of Dangote Industries Limited described the offer as a genuine “People’s IPO,” structured to broaden ownership of the refinery and allow ordinary Nigerians to share in its future growth. He said the company aims to attract at least 10 million investors from Nigeria and across Africa, creating one of the continent’s largest shareholder bases.
“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,” Dangote said. “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.”
He emphasised that while all categories of investors are welcome, any oversubscription would be handled with the goal 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.”
Dangote linked the approach to a wider belief that economic gains should be widely shared. “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.”
The offer is intended to draw in civil servants, artisans, traders, professionals, cooperative societies, pension contributors, young entrepreneurs and Nigerians in the diaspora. It has been designed as a simple, transparent and technology driven process, using BVN-enabled channels to lower traditional barriers to capital market participation.
Dangote expressed confidence that the IPO would strengthen Nigeria’s capital market while serving as an example 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.”
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