Aliko Dangote has explained why he wants ordinary Nigerians to become shareholders in his massive refinery, as the public offer continues to attract attention across the country.
Speaking during an interview with Al Jazeera, the Dangote Group president explained his thinking behind the decision to take the Dangote Petroleum Refinery and Petrochemicals FZE to the public market.
Dangote said the objective goes beyond raising funds from investors. He wants ordinary people to have an opportunity to own part of the business and benefit from its growth.
“The IPO is not that we want to raise money,” Dangote said.
He then used everyday workers to explain his point, mentioning his driver and cook, as well as other people’s drivers, cooks, wives and children.
According to Dangote, the wider goal is to create wealth by allowing more people to participate in the ownership of major businesses.
“We want to see how do we create wealth,” he added.
Dangote Explains His Vision for the IPO
Dangote said the idea follows a model used in developed economies, where entrepreneurs can eventually invite members of the public to become shareholders in successful businesses.
He explained that a business can begin with an entrepreneur or a small group of owners. Once the company becomes successful, the owners can then invite other people to join them.
The new shareholders can then participate in the company’s future growth through their ownership.
Dangote said he wants to apply the same principle to businesses under the Dangote Group. He disclosed that the group plans to eventually list all of its operating companies on the stock market.
The businessman said the plan would allow people across Africa to participate in the ownership of the group’s investments.
He specifically mentioned businesses such as fertiliser production, while also saying that smaller companies within the group could eventually become publicly listed.
Dangote believes the move could also strengthen corporate governance within the group, as publicly listed companies face additional reporting and accountability requirements.
His comments have come at a time when the Dangote Refinery IPO shares are already generating significant public interest.
The public offer contains 4.1 billion ordinary shares. The company set the offer price at ₦525 per share, while investors can subscribe for a minimum of 10 shares worth ₦5,250.
The offer opened on September 14 and will close on October 13, 2026. The Nigerian Exchange has confirmed that the IPO is open to retail, institutional and eligible African investors.
What the Dangote Refinery IPO Means
The IPO is also significant because it gives members of the public an opportunity to invest directly in the refinery.
If all 4.1 billion shares are subscribed, the offer could raise about ₦2.15 trillion. The proceeds are intended to support the refinery’s expansion programme.
The public offer has attracted attention beyond the financial markets.
Nigerians have taken to social media to joke about becoming shareholders and having a say in the refinery’s affairs. Reuters reported that the IPO triggered a wave of memes, with some investors jokingly presenting themselves as new refinery owners and board members.
The reaction reflects the unusual level of public attention surrounding the offer.
The Dangote Refinery is one of the biggest industrial projects in Nigeria, and the IPO marks the first time a petroleum refinery has been offered to investors through the Nigerian stock market.
Dangote has also said shareholders in the refinery would receive dividends in dollars because the company’s income is generated in dollars. However, dividends are not guaranteed, and the value of shares can rise or fall after listing.
For people considering the offer, the official IPO platform advises potential investors to understand what an IPO and shares mean before subscribing. It also warns investors to use only approved subscription channels and never provide sensitive information such as a PIN, password or OTP.
Dangote’s comments have therefore added another dimension to the refinery’s public offering. While the IPO will provide funds for expansion, he has presented the public ownership aspect as a way to give more Nigerians a stake in the growth of one of the country’s biggest businesses.
His reference to ordinary workers, including his driver and cook, has also become one of the most widely discussed parts of his explanation of the IPO.
