Africa’s richest man, Aliko Dangote, has disclosed that the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals has already raised the funds the company set out to attract.
“I’m 100 per cent sure we get 10 million shareholders. I mean, we’ve already raised the money that we’re looking for, so this is just to make sure we spread the wealth across the continent,” he said.
His comments suggest that the company’s immediate focus is shifting from fundraising to broadening participation in the refinery’s ownership structure.
Refinery Shareholders Could Fill a Stadium
Dangote further highlighted the potential scale of the proposed shareholder base, joking that the number of investors could eventually become so large that the company might need a stadium to accommodate them during its Annual General Meeting (AGM).
The plan reflects the company’s stated ambition to make ownership of the refinery accessible to a wide range of investors across Africa.
The ongoing IPO has attracted significant public attention, while Dangote’s 10 million-shareholder target signals an ambition to expand retail and institutional participation in the refinery’s ownership.