Dangote targets 10m shareholders as Refinery IPO opens

The Dangote Petroleum Refinery and Petrochemicals has launched its Initial Public Offering (IPO), with shares priced at N525 each and a minimum subscription of 10 shares. The company aims to raise over N2 trillion to fund expansion, but President Aliko Dangote emphasized that the primary goal is to broaden ownership. He targets 10 million shareholders across Africa, describing it as an 'IPO for the people.' Dangote noted that the refinery already generates strong free cash flow and has accessed funding through bonds and private placements, making the IPO about giving ordinary Africans a stake in the company's growth.

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