Refinery IPO is for the people as process is simplified — Dangote

By Udeme Akpan

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has said the forthcoming Initial Public Offering, IPO, of the Dangote Petroleum Refinery is being structured to enable ordinary Nigerians to participate in the ownership of one of Africa’s strategic industrial assets.

According to him, the public offering was “for the people”, noting that efforts were being made to simplify the share purchase process and make it accessible to investors across different income groups.

He said the objective of the offering goes beyond raising capital to promoting broader participation in wealth creation by allowing Nigerians to own shares in a company playing a major role in Africa’s energy industry.

He stated further: “This refinery belongs to Nigerians and Africans. It was built to transform our economy, create prosperity and secure our energy future. We want the people to share in that success.

“That is why we are making the IPO process simple, transparent and accessible. Anyone with a Bank Verification Number (BVN) will be able to invest and become a co-owner of this world-class refinery.”

He said technology-driven subscription channels were being deployed to reduce bureaucracy and make it easier for both first-time and experienced investors to participate in the offer.

He added that the simplified process would provide an opportunity for civil servants, artisans, traders, professionals, young entrepreneurs and cooperative societies, as well as pension contributors and Nigerians in the diaspora, to subscribe to the shares.

“Historically, wealth has often been concentrated in the hands of a few. Our objective is different. We want to create opportunities for millions of Nigerians to benefit from the value being created by this refinery.

“This IPO represents a unique opportunity for people to own part of an enterprise that is already transforming Africa’s refining industry,” he said.

According to him the broad-based share ownership could deepen the Nigerian capital market while supporting more inclusive economic growth.