Dangote Petroleum Refinery and Petrochemicals FZE on Monday unveiled a N2.15 trillion Initial Public Offer (IPO), offering Nigerians and other Africans an opportunity to acquire shares in the 700,000-barrel-per-day refinery.
The offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
Chief Executive of the company, Alhaji Aliko Dangote, said the offer was aimed at raising capital for the refinery’s expansion while broadening public ownership of the company.
“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.
He said the company planned to increase the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day, adding that the expansion would boost production and strengthen its capacity to serve domestic and international markets.
