Dangote Group President, Aliko Dangote has said investors in the Dangote Petroleum Refinery and Petrochemicals FZE could earn dollar-denominated dividends that would help parents with children studying abroad offset the impact of any future naira devaluation.
Dangote made the remarks at the Nigerian Exchange (NGX) in Lagos, where he formally opened the refinery’s Initial Public Offering (IPO). The offer comprises 4.1 billion new ordinary shares priced at N525 each, with a minimum subscription of 10 shares, costing N5,250.
The IPO, which opened on Monday, September 6 is expected to run until October 13, subject to the terms of the prospectus. It is open to retail, institutional and eligible African investors, with the company seeking to broaden public ownership of what Dangote described as one of Africa’s most significant industrial projects.
“The IPO provides opportunity for teachers, civil servants, people who even have their children abroad, to now have the confidence of keeping them abroad, so that even when there is devaluation, they will continue to pay their school fees because you will be getting your dividends in dollars,” Dangote said.
He said the decision to take the refinery to the Nigerian capital market was not primarily to raise funds, but to democratise wealth creation by giving ordinary Nigerians and investors around the world an opportunity to own a stake in the business.
Dangote said the group already had sufficient funding for its planned projects, with about $46 billion in investments and expansions in its pipeline towards its Vision 2030 goals. He also projected that the refinery could become the largest company in Africa by the end of the year.
The IPO is expected to raise about N2.15 trillion, with proceeds earmarked for the refinery’s long-term growth, operational expansion and strategic investments. Investors can subscribe through approved channels, including NGX Invest, designated commercial banks and authorised investment platforms, in line with the prospectus.
