Our Refinery's IPO reflects a long-term devotion to Africa’s Industrial, Economic Transformation - Dangote

PRESS RELEASE

President and Chief Executive of Dangote Industries Limited, Aliko Dangote ( Photo Credit: Bloomberg.com)

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has reaffirmed the Dangote Group’s unwavering commitment to Africa’s industrial transformation, wealth creation, and long-term economic development, stating that the ongoing Dangote Petroleum Refinery Initial Public Offering (IPO) represents a unique opportunity for Africans to participate directly in the continent’s most ambitious industrial project.

Speaking during an interview with Bloomberg Television, Dangote said the Dangote Refinery IPO is not merely a capital-raising exercise but part of a broader vision to democratise ownership of strategic African assets and create sustainable value for millions of investors across the continent.

According to him, the refinery's public offering gives ordinary Africans and institutional investors alike the opportunity to become shareholders in a world-class enterprise that is helping to redefine Africa’s energy future.

He noted that broadening ownership of the refinery is as important as expanding its operational capacity because it enables more Africans to participate in the wealth generated by the continent’s largest industrial investments.

"For decades, Africa's most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent. It is about creating value, expanding prosperity, and building generational wealth for our people," said Dangote.

The foremost industrialist emphasised that the refinery was conceived as an African solution to Africa’s longstanding energy challenges and forms a critical part of the Dangote Group’s mission of reducing the continent’s dependence on imports while strengthening local production capabilities. He explained that the Group remains focused on building industries that support economic self-sufficiency, create jobs, stimulate foreign exchange earnings, and drive sustainable development across Africa.

Dangote disclosed that the company plans to further expand the refinery's capacity from its current 700,000 barrels per day to 1.4 million barrels per day over the coming years, positioning it among the largest refining complexes globally and significantly improving Africa’s ability to meet its own energy requirements. He added that proceeds from the ongoing IPO will support this ambitious expansion programme.

The billionaire entrepreneur also revealed that the Dangote Petroleum Refinery intends to seek a listing on the New York Stock Exchange after completing its next phase of expansion, a move designed to deepen access to international capital while showcasing Africa’s industrial potential to global investors.

Speaking on investor confidence, Dangote noted that the strong demand recorded during the refinery’s private placement demonstrated both domestic and international belief in the project’s future. He stressed that the Group deliberately limited the amount raised during the private placement to encourage broader ownership and participation by a wider cross-section of Africans.

"Our objective has always been bigger than building a refinery. We want to create institutions that will outlive us, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent. This IPO is another step towards achieving that vision," he stated.

The Dangote Group President underscored that Africa possesses the resources, talent, and market potential required to compete with the world's leading economies, stressing that industrialisation remains the surest path to economic prosperity. He maintained that investments in sectors such as refining, petrochemicals, cement, fertiliser, and manufacturing would continue to drive the continent's economic renaissance.

The ongoing Dangote Petroleum Refinery IPO, described as the largest public share offering in Africa's history, has generated significant interest from investors, policymakers, market analysts, and development institutions who see the offering as a landmark moment for Nigeria's capital market and Africa's industrial growth story.

Credit Dangote Group PR