President and Chief Executive of Dangote Industries Limited, Aliko Dangote, says the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery will prioritise retail investors to allow broader public participation in the company.
Dangote disclosed this while hosting First HoldCo Chairman Femi Otedola and senior executives of the group at the refinery complex in Lagos.
According to him, the company wants more Africans to benefit from the value created by the refinery, drawing comparisons with global companies such as Amazon and Apple, whose early investors recorded significant gains.
He added that Dangote Group intends to continue strengthening relationships with Nigerian banks that supported its growth, noting that the company always carries its financial partners along in major projects.
Meanwhile, Otedola announced plans to personally invest $100 million in the refinery’s proposed private placement and described Dangote’s industrial achievements across Africa as transformative.
Dangote Refinery is currently raising $2 billion through a private placement targeted at institutional investors and high-net-worth individuals, while plans are also underway for a $5 billion IPO expected to represent about 10 per cent equity.
The refinery is reportedly targeting a valuation of around $50 billion ahead of the share sale and plans to list across multiple stock exchanges through cross-border listings.
First HoldCo Group CEO Olusegun Alebiosu said the visit was aimed at inspiring executives across the group’s operations and encouraging more large-scale investments across Africa.
