AD

Dangote Sets Sights on 10 Million Shareholders for Refinery IPO

Aliko Dangote says the Dangote Petroleum Refinery and Petrochemicals is targeting as many as 10 million shareholders through its ongoing Initial Public Offering.

Dangote disclosed this in a video interview with CNN International correspondent Larry Madowo, posted on Madowo’s X account on Monday. The billionaire said the share offer was designed not only to attract Nigerian investors but also to broaden ownership of the refinery across Africa.

Madowo had noted that Nigerians on social media had been closely following Dangote’s business activities, including inspecting his trucks and visiting his cement plants, while jokingly describing themselves as investors demanding regular updates.

Responding, Dangote said the IPO had drawn interest from across the continent. “I think this IPO is not only for Nigerians. We’ve got a lot of interest from all over Africa, and we’re selling shares. We’re trying to bring in democracy to our stock markets,” he said.

Read Also: mtn-mafab-spectrum-talks-reignite-debate-over-nigerias-5g-power-balance

He said the company was aiming to spread ownership so widely that its annual general meeting could eventually require a stadium to accommodate shareholders. “We’re looking at having 10 million shareholders,” Dangote said. Asked whether he was confident of hitting that target, he replied: “I’m 100 per cent sure we get 10 million shareholders.”

Dangote said the goal of the offer was not primarily to raise additional capital, noting that the company had already secured the funding it needed. “I mean, we’ve already raised the money that we’re looking for, so this is just to make sure we spread the wealth across the continent,” he said.

The IPO opened on September 14, 2026, and consists of 4.1 billion new ordinary shares offered at ₦525 per share. The minimum subscription is 10 shares, requiring an investment of ₦5,250, with the offer scheduled to close on October 13, 2026. If fully subscribed, it is expected to raise about ₦2.15 trillion, equivalent to roughly $1.6 billion, a figure that could rise to about $2.1 billion should the company exercise its greenshoe option.

The planned broad-based ownership structure is designed to give retail and institutional investors across Nigeria and other African markets the opportunity to acquire stakes in one of the continent’s largest refining projects.

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

More Top Stories

RSHA Summons Defiant Oil Firm, Vows To Protect Constituents’ Rights
Lebara Nigeria Launches MVNO Service to Boost Creative Economy‎‎
Senator Nwogu of PDP Wins Rivers South-East Senatorial By-Election
Oil Pollution Sparks Crisis for Nigeria’s Sustainability Agenda
Airtel Africa Foundation Awards N50m to 100 Nigerian Students Under Tech Fellowship Programme
Judge Orders INEC To Deregister Five Political Parties Before 2027 Elections
APC Presidential Primary: Tinubu Sweeps All Votes in Rivers
Chinda Wins Ward 4 in Obio/Akpor APC Consensus Primary
U.S Moves to Expand Rural Internet Access in Nigeria, Three West African Nations
Marketers Kick Against Dangote’s Fresh Fuel Import Licence Suit
2027: I Won’t Step Down for any candidate – Amaechi
Obuah Wins APC Ward Senatorial Primary, Pledges Quality Representation
FG Announces Launch of Nigeria’s Digital TV Broadcast
Okrika, Eleme Council Chairmen Intervene as PHRC Host Communities Suspend Protest
Ogor Leaders Pay Congratulatory visit to Omonade
Fubara Reaffirms APC Membership, Dismisses Defection Rumours
Nigeria’s Crude Oil Production Rises to 1.489 Million bpd in April
NNPC Partners With Chinese Firms To Revive Port Harcourt, Warri Refineries
NDC Vows To Work For Party Victory As New Executives Emerge In Delta state
Delta APC stakeholders present as Dafinone declares second term bid
Andoni LG Boss Impose Dusk-To-Dawn Curfew
‎Finidi hails team’s game Control as they Open Two-Point Gap‎
Why Are They Still There?’ Esin Questions NFF Technical Team After World Cup Failures
‎Bronze Isn’t Gold: Eagles’ Ex coach Peseiro Reacts To AFCON Outcome‎‎‎
Shehu Dikko Pushes for Upgrade and Proper Maintenance of Sports Infrastructure
2026 World Cup: Super Eagles Face Harsh Reality After Failed Qualification
‎NFF appoints Akeem Busari as new Flamingos coach
HRM Summons PHED, Asks Reason For Recent Power Outage
Will Nigeria Replace Iran in the 2026 FIFA World Cup?
Osimhen Out of Hospital After Successful Surgery, Eyes Quick Return
Osimhen Backed for Man United Move as Butt Says He Can Elevate Sesko
Drama Erupts as Verydarkman Fires Back at Blessing CEO Over Cancer Claim
Kpai Them All!” — Sarian Martins Unleashes Fury, Links Blessing CEO’s Illness to ‘Spiritual Payback’
Nwaiwu Earns Super Eagles Call-Up as Bassey Withdraws Ahead of Iran, Jordan Friendlies
Super Eagles star Alex Iwobi Leads 7-Man Premier League Player of the Month Shortlist
Delta Queens Edge FC Robo In Five-Goal Thriller to Boost Super Six Push
‎Injury knocks out ‘Super’ Calvin Bassey as Eagles suffer Int’l Friendlies blow‎
Osimhen Set for Race Against Time as Galatasaray Target Quick Return
Super Eagles Open Camp in Turkey Ahead of Iran, Jordan Friendlies
Chukwueze Set for Permanent Fulham Move After Impressive Loan Spell
Rivers United Humiliated as Nasarawa United Run Riot in 4–1 Thriller
‎Chelle can win next AFCON, He deserves a new contract –Ibitoye‎
‎Rivers United blame CAF Champions League for slump‎
Morocco National Team Captain Rejects AFCON Title, Backs Senegal as True Champions
‎Title race heats up as Rivers, Rangers face defining fixtures‎‎
Oborevwori Denies Assaulting Kickboxing Coach in Reimbursement Row
‎NFF faces court notice over congress misconduct‎
FULL CIRCLE AT WEMBLEY: ARSENAL, MAN CITY AND A FINAL LOADED WITH HISTORY
Finidi George Under Pressure as Rivers United’s Title Grip Slips
Osimhen Injury Shifted Momentum as Liverpool Power Through-Slot
Rivers United Stumble Again as Niger Tornadoes Strike Late to Deepen Title Tension
‎Ademola Lookman Cruise into UCL Q’finals, Osimhen Crash out‎
CAF Strips Senegal of AFCON Title, Crowns Morocco Champions After Dramatic Final Controversy
Ikorodu City Dominate Rivers United to Seal Crucial Home Victory
Rivers United Confront Tough Ikorodu City Test as NPFL Title Race Reaches Boiling Point
Obi Mikel Demands NFF Leadership Resignation After Nigeria’s World Cup Failure
Super Eagles Calvin Bassey is a beast” –Bryan Mbeumo‎
Ibinabo Fiberesima Opens Auditions For Web Series In Port Harcourt
Tinubu, NFF Mourns Former Super Eagles Coach Adegboye Onigbinde
Lemina Header Sinks Liverpool as Galatasaray Claim Crucial First Leg Victory
D’Tigress Arrive Lyon Ahead Of 2026 FIBA Women’s World Cup Qualifying
NPFL: Rivers United Trash Bendel Insurance to Remain Top
Wike Looked Healthier, Happier When we Worked Together – Peter Obi
‎”Leave the Team Alone” – Finidi George Warns NFF
NDDC Unveils N5bn Fund To Boost Niger Delta Businesses, Drive Investment
NED 2026: Stakeholders Demand Cleanup Before Oil Asset Transfers
RIVCHPP Deepens Engagement With Private Healthcare Providers
Customs Seizes 45 Containers of Vegetable Oil, Other Goods at Onne Port

Leave a Reply

Your email address will not be published. Required fields are marked *