President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has reaffirmed the Dangote Group’s commitment to Africa’s industrial transformation, wealth creation and long-term economic development, describing the ongoing Dangote Petroleum Refinery Initial Public Offering (IPO) as an opportunity for Africans to participate in the ownership of a major industrial enterprise.
Speaking during an interview with Bloomberg Television, Dangote said the refinery’s IPO goes beyond raising capital, describing it as part of a broader vision to broaden ownership of strategic African assets and create long-term value for investors.
According to him, the public offering provides both individual and institutional investors with an opportunity to become shareholders in the refinery, which he described as a significant project in Africa’s energy sector.
“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,” Dangote said.
The industrialist said the refinery was conceived as an African response to the continent’s longstanding energy challenges, adding that the Dangote Group remains focused on strengthening local production, reducing dependence on imports, creating jobs and supporting economic development.
Dangote disclosed that the company plans to expand the refinery’s capacity from its current 700,000 barrels per day to 1.4 million barrels per day over the coming years.
He said the planned expansion would further position the facility among the world’s largest refining complexes while strengthening Africa’s capacity to meet its energy needs.
According to him, proceeds from the ongoing IPO will support the refinery’s expansion programme.
Dangote also disclosed plans for the Dangote Petroleum Refinery to seek a New York Stock Exchange listing after completing the next phase of its expansion, saying the move would provide greater access to international capital and showcase Africa’s industrial potential to global investors.
On investor confidence, Dangote said the strong demand recorded during the refinery’s private placement reflected confidence in the project’s prospects.
He explained that the amount raised during the private placement was deliberately limited to encourage broader ownership and allow a wider range of investors to participate.
“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 said.
Dangote further maintained that Africa possesses the resources, talent and market potential required to compete globally, stressing the importance of industrialisation to the continent’s economic development.
He identified refining, petrochemicals, cement, fertiliser and manufacturing as key sectors capable of supporting Africa’s industrial growth and economic transformation.
The ongoing Dangote Petroleum Refinery IPO has attracted attention from investors, policymakers, market analysts and development institutions, with the offering positioned by the company as a major milestone in Nigeria’s capital market and Africa’s industrial development.
PIX 1: President of Dangote Group, Aliko Dangote, with Amina Mohammed at her send-off party held at the Africa Centre, Harlem, New York.
PIX 2: Aliko Dangote, Halima Aliko Dangote and former President Olusegun Obasanjo at Amina Mohammed’s send-off party at the Africa Centre, Harlem, New York.