Drivers, cooks will own refinery stakes, Dangote declares at IPO

Aliko Dangote, President/CEO of Dangote Industries Limited, has declared that the Initial Public Offering of the 650,000 barrels-per-day Dangote Refinery will give ordinary Nigerians, including drivers and cooks, the chance to own stakes in the facility.

According to Channels TV, Dangote made the declaration at the IPO signing ceremony in Lagos on Monday, where the refinery will offer 4.1 billion ordinary shares at ₦525 each, valuing the facility at approximately $47 billion.

The offer opens September 14 and closes October 9, with proceeds earmarked for expanding capacity from 700,000 to 1.4 million bpd.

Zenith Bank’s Jim Ovia and Heirs Holdings’ Tony Elumelu were among dignitaries at the ceremony, which SEC described as potentially one of Nigeria’s largest-ever capital market transactions.