Dangote Opens Refinery Shares to Nigerians for Just N5,250
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Aliko Dangote is giving ordinary Nigerians a chance to own a piece of his massive refinery through a new public share offer.
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| Dangote Opens Refinery Shares to Nigerians for Just N5,250 |
Aliko Dangote is opening up his refinery to ordinary people through a stock offering called the "IPO for the people."
He announced this at a signing ceremony in Lagos on Monday.
Drivers, cooks, traders, managers and domestic staff will all have the chance to buy shares in the Dangote Petroleum Refinery and Petrochemicals.
There's no segregation; anyone can own shares.
The offering has 4.1 billion shares priced at N525 each, with a minimum of just 10 shares to get started.
The whole deal is expected to raise slightly over N2 trillion.
The refinery itself is valued at about $49 billion.
Dangote said this wasn't just about raising money for the refinery's expansion.
He wanted ordinary Nigerians and Africans to have a real stake in the project. Nigeriantechnology reviews
Investors could even get dollar-denominated dividends, which Dangote said would help shareholders pay for things outside Nigeria.
Looking back at how the project started, Dangote said banks backed the refinery before the company even had the site secured or the licence approved.
The project took years to find the right location, spending three years and eight months at Olokola before eventually moving to Lekki.
He thanked former Lagos governors and the current governor for their support.
Dangote stressed that energy security is vital for Africa's industrialisation, which is why his group is expanding across the continent with new investments in Ethiopia, Kenya, Tanzania and Namibia.
The public offer opens September 14 and closes October 13.
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