The Dangote Petroleum Refinery and Petrochemicals (DPRP) has signed the registration documents for the biggest Initial Public Offering (IPO) in Africa, valued at approximately N2.2 trillion, about $1.6 billion.
The IPO targets up to 10 million Nigerian investors, including low income earners, through a Bank Biometric Verification Number (BVN)-integrated subscription process.
The President and Chief Executive of Dangote Petroleum Refinery and Petrochemicals, Alhaji Aliko Dangote, led the company’s team to sign registration documents for the IPO, declaring that drivers, cooks, traders and “everybody” will have a chance to own shares in the $49 billion refinery.
The offer comprises 4.1 billion ordinary shares at N525 each, with an overallotment option of up to 30 per cent to accommodate strong demand.
The IPO is scheduled to open on September 14 and close on October 13, with listing expected on the Main Board of Nigerian Exchange Limited (NGX) upon completion of regulatory approvals.
Speaking at the signing ceremony in Lagos, the President and Chief Executive of Dangote Industries Limited described the transaction as a defining moment for the company and the continent.
“Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security.
“Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation,” Dangote said,
He said that it was an “IPO for the people” designed to democratise ownership.
“But it is not only to fund the expansion of the refinery, of course, it’s a bigger amount,” he said.
“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,” local media reports quoted Dangote as saying.
Dangote said that the BVN-integrated platform was central to the inclusion drive.
“This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa’s energy landscape. By simplifying the subscription process through BVN integration and digital application channels, we are opening the door for millions of citizens to participate in the growth story of this strategic national asset,” Dangote said.
GIK/APA