LAGOS — President of Dangote Industries Limited, Aliko Dangote, on Monday said drivers, cooks, traders, domestic staff and managers would have the opportunity to own shares in the Dangote Petroleum Refinery and Petrochemicals FZE through its proposed Initial Public Offering, IPO.
Dangote stated this at the signing ceremony for the registration documents of the proposed IPO in Lagos, describing the offer as an “IPO for the people” aimed at broadening ownership of the 700,000-barrel-per-day refinery.
The offer comprises 4.1 billion ordinary shares at N525 each and is expected to raise slightly above N2 trillion, with a minimum subscription of 10 shares.
Dangote said the transaction was not solely intended to raise funds for the refinery’s planned expansion, but also to give ordinary Nigerians and other Africans an opportunity to acquire a stake in the facility.
“But it is not only to fund the expansion of the refinery. What we are trying to do is to make sure majority of all these my—our drivers, our cooks, our servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” he said.
