Aliko Dangote has said the number of Dangote Petroleum Refinery shares available to investors could be increased if demand for the company’s initial public offering (IPO) exceeds the current allocation, as he seeks to bring millions of ordinary Nigerians and Africans into the ownership of the refinery.
Dangote disclosed this in an interview with ARISE News, saying he was prepared to further dilute his stake in the refinery to accommodate investors who want to participate in the offer.
The comments come a day after the Dangote Refinery IPO opened to investors on September 14, offering 4.1 billion ordinary shares at ₦525 each. The offer could raise approximately ₦2.15 trillion if fully subscribed.
Dangote said strong demand could prompt the company to increase the number of shares allocated to the public beyond the initial offer.
“We’ll give up more shares,” he said.
“We’re locked at 85%, but if we now go—we can’t be that stupid to leave. Now, there’s so much demand, definitely we’ll be able to increase the number of allocations.”
He added that he was prepared to work with other existing shareholders to make additional shares available if necessary.
The billionaire said the decision was driven by his desire to broaden ownership of the refinery rather than simply maximise the amount of capital raised from the IPO.
“I don’t mind to be diluted as much as possible because I want people to actually be part of this good journey. I want to make sure that, you know, this is my mission: to make sure that, yes, we democratise this share and give it to normal people.
“This business does not belong to Mr Dangote; it belongs to all of us. That’s what we’re targeting. That’s why we’re putting it to the people.” He said
