President of Dangote Industries Limited, Aliko Dangote, on Monday, signed registration documents for the proposed initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, with the billionaire businessman saying drivers, cooks, traders, servants and managers will have an opportunity to own shares in the refinery.
Dangote stated this at the signing ceremony held in Lagos, describing the transaction as an “IPO for the people” designed to democratise ownership of the massive industrial facility.
The IPO comprises 4.1 billion ordinary shares at N525 each and is expected to raise just over N2tn, according to Dangote.
The businessman said the minimum subscription would be 10 shares.
“But it is not only to fund the expansion of the refinery, of course, it’s a bigger amount. What we are trying to do is to make sure majority of all these my—our drivers, our cooks, our, you know, servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” Dangote said.
