*Aliko Dangote, President and Chief Executive of Dangote Industries Limited, restates the ongoing Initial Public Offering of Dangote Petroleum Refinery is structured to broaden ownership of one of Africa’s most strategic industrial assets, and give Nigerians an opportunity to participate in the facility’s growth and future value creation
Emmanuel Akosile | ConsumerConnect
Alhaji Aliko Dangote, President and Chief Executive (CE) of Dangote Industries Limited (DIL), has reaffirmed his commitment to making the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery a truly “People’s IPO”.
Dangote, who noted this while speaking on the ongoing Dangote Refinery’s IPO, assured the Nigerian retail and small investors of receiving priority allocations should the offer become oversubscribed at the end of the exercise.
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He also said the offer was deliberately structured to broaden ownership of one of Africa’s most strategic industrial assets, and give millions of Nigerians an opportunity to participate directly in the refinery’s growth and future value creation.
The Management of the oil-refining company said the IPO was designed to deepen financial inclusion, and democratise wealth creation by opening ownership to a wider segment of society.
Core objectives of Dangote Refinery IPO
Dangote stated that one of the core objectives of the offer is to build one of the largest shareholder communities in Africa, with a target of attracting not less than 10 million investors from Nigeria and across the continent
Speaking on the Initial Public Offering, Dangote said: “This is more than a capital-raising exercise.
“It is a historic opportunity to deepen financial inclusion, democratise wealth creation and enable ordinary Nigerians to become co-owners of a world-class industrial enterprise.
“From the beginning, our vision has been to create a genuine People’s IPO that allows millions of Nigerians to share directly in the success of this refinery.”
Why we prioritise retail investors: Dangote
Dangote further emphasised though the company welcomes participation from all categories of investors, yet allocation decisions in the event of oversubscription would be guided by the principle of broad-based ownership.
He also stated: “If the offer is oversubscribed, retail and small investors will receive priority consideration.
“We are determined to ensure that ordinary Nigerians are not crowded out by large subscriptions. Our objective is not merely to raise capital, but to create millions of shareholders who can participate in the growth and prosperity of the Dangote Refinery.
“We want as many people as possible to own a stake in this national asset.”
According to the President/Chief Executive of Dangote Group, prioritising retail investors is consistent with his long-held belief that economic development should go hand in hand with widespread citizen participation and ownership.
Dangote averred: “We believe prosperity should be shared by the many, not concentrated in the hands of a few.
“This refinery was built to transform Nigeria’s energy landscape, and we want millions of Nigerians to be part owners of that transformation.”
He equally noted that the IPO represents a significant step towards building an ownership economy in which civil servants, artisans, traders, professionals, cooperative societies, pension contributors, young entrepreneurs and Nigerians in the diaspora can participate directly in one of Africa’s most important industrial enterprises.
Dangote explained that the offer has been designed to be simple, transparent and technology-driven, with BVN-enabled subscription channels helping to remove traditional barriers that have historically limited participation in the capital market.
Expressing confidence in the success of the offer, Dangote said the IPO would not only deepen Nigeria’s capital market but also stand as a landmark example of inclusive wealth creation.
“Our ambition is clear. We want to build a shareholder base of at least 10 million investors and create one of the most widely owned companies in Africa.
“That is the essence of the People’s IPO. It reflects our conviction that every Nigerian should have the opportunity to participate in the value being created by this world-class refinery,” stated he.