Dangote Refinery has completed the endorsement of the offer documents for its initial public offering, putting it on course to launch the $1.6 billion public equity sale, regarded as Africa’s largest ever, next week.
Aliko Dangote, Africa’s richest man and owner of the 700,000-barrel-per-day (bpd) plant, led the sign-off ceremony in Lagos on Monday, in the presence of advisers and other parties to the pan-African offering, which aims to raise about N2.2 trillion from investors.
The minimum subscription of the offer is 10 ordinary shares, translating to N5,250, Mr Dangote told the event.
The Dangote Group is opening the offer to the mass-market end of retail investment, allowing investors as diverse as drivers, traders, cooks, and managers to partake in the transaction, its CEO remarked.
“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action, and I’m sure they will continue to be happy now, in the future, and forever,” Mr Dangote said.
