Africa’s richest man, Aliko Dangote, says the Dangote Petroleum Refinery is targeting as many as 10 million shareholders. The company seeks to spread ownership of the business across Africa.
According to CNN International correspondent Larry Madowo, Dangote made the disclosure during an interview. In this interview, he reacted to the excitement surrounding the refinery’s Initial Public Offering and the growing interest from retail investors.
Dangote said the IPO was attracting interest beyond Nigeria, with investors from different parts of Africa looking to participate.
“I think this IPO is not only for Nigerians. We’ve got a lot of interest from all over Africa, and we’re selling shares,” he said.
Dangote targets 10 million investors
Dangote said the company wants to open the stock market to more ordinary investors. It does not want to restrict ownership to a small group of wealthy individuals and institutions.
“We’re trying to bring in democracy to our stock markets,” he said.
He added that the company hopes to spread its wealth across the continent by building a large shareholder base.
“We’re looking at having 10 million shareholders, and I’m 100 per cent sure we get 10 million shareholders,” Dangote said.
He also disclosed that the company had already raised the funds it initially sought through the public offer.
“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.
Dangote plans stadium-sized AGM
The billionaire joked that the expected number of investors could make conventional venues too small for the company’s annual general meetings.
Dangote said the refinery could eventually hold its AGM in a stadium to accommodate shareholders.
“When we’re going to have an annual general meeting, it will be in the stadium,” he said.
The refinery’s public offer opened on September 14, with 4.1 billion new ordinary shares offered at N525 each. Investors can subscribe for a minimum of 10 shares at N5,250.
The offer is expected to raise about N2.15 trillion if fully subscribed.
Dangote promises continued growth
Madowo also raised the social media excitement surrounding the IPO. He noted that some Nigerians now describe themselves as investors and demand regular updates on the company.
Dangote welcomed the interest and said the company’s performance would ultimately determine the value investors receive.
“The share price will continue to grow, and I can assure you, really, we will be the most profitable company in Africa,” he said.
The businessman has repeatedly described the refinery offer as a “People’s IPO,” with smaller retail investors among the groups the company hopes to attract.
Dangote has also said he is willing to reduce his own stake further if necessary. This would accommodate more investors and widen ownership of the refinery.
