Dangote Petroleum Refinery is targeting participation from about 10 million retail investors in its planned initial public offering (IPO), according to Ukandu E. Ukandu, Managing Director of FirstCap Limited, one of the financial advisers involved in the transaction.
Ukandu disclosed the figure as the refinery prepares for one of the largest capital-market transactions in Africa, with the IPO designed to extend ownership of the $20 billion-plus industrial asset to millions of Nigerians.
The scale of the retail target underscores the ambition to make the transaction a broad-based public offering rather than one dominated by institutional investors.
FirstCap is among the advisers working on the Dangote Refinery IPO. Ukandu has previously been identified as FirstCap’s Managing Director and CEO.
Dangote Refinery Wants Millions of Nigerians as Shareholders
The proposed participation of about 10 million retail investors would represent a major expansion of Nigeria’s individual-investor base if achieved. The strategy is consistent with Dangote Refinery’s stated intention to make the transaction accessible to ordinary Nigerians and has been described as a “people’s IPO.”
“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer of N525 with a minimum subscription of only 10 shares (N5,250) to fund our refinery expansion. This IPO is for the people.” Aliko Dangote noted.
Under the approved terms, the refinery is offering 4.1 billion shares at N525 per share. If fully subscribed, the offer could raise approximately N2.15 trillion, or about $1.6 billion.
The refinery has been working with financial-market operators and digital distribution channels to broaden access to the offer, potentially allowing investors to participate through fintech platforms, mobile channels and other retail distribution networks.
The approach could significantly increase retail participation in Nigeria’s capital market, where individual investors have historically accounted for a smaller share of institutional activity.
The IPO follows a $2.5 billion private placement that attracted strong institutional demand, providing an early indication of investor appetite for the refinery.
