Aliko Dangote, president and chief executive of Dangote Industries Limited, says the planned initial public offering of Dangote Petroleum Refinery will give Nigerians an opportunity to become shareholders in one of the country’s most strategic industrial assets.
The IPO, scheduled for next Monday, is expected to open ownership of the 700,000-barrel-per-day refinery to a broader pool of investors, according to Dangote.
He said the listing represents more than a financial transaction, arguing that it would allow Nigerians who depend on refined petroleum products for transportation, manufacturing, agriculture and power generation to participate in the value created by the refinery.
“Every day, Nigerians use products that depend on refined petroleum. What makes this IPO unique is that it gives people the opportunity not only to consume but also to participate as owners in the industrial system that powers economic life,” Dangote said.
For decades, Nigerians have largely participated in the petroleum value chain as consumers, spending heavily on petrol and other refined products that underpin economic activity.
