By Samuel Akpan
Aliko Dangote launched Africa’s largest public share sale on Monday, offering everyday Nigerians an ownership stake in his Lagos oil refinery with a simple message – “don’t get left behind.”
The offering of 4.1 billion ordinary shares, priced at 525 naira each, opened at 8:00 AM local time (7:00 AM GMT) and runs through October 13.
If fully subscribed, the IPO will raise 2.15 trillion naira ($1.6 billion), with a greenshoe option potentially pushing total proceeds to around $2.1 billion in the event of oversubscription.
According to Dangote, his plant is the largest jet-fuel supplier to Europe.
“Europe must really thank Nigeria under the leadership of President Tinubu for keeping their planes flying, I’m very serious.”
From August and September the refinery sold out of jet fuel and now holds remaining volumes only for Nigeria, he added.
The IPO, he said, gives teachers, civil servants and parents with children abroad confidence to keep them there even if the naira falls.
“You will be getting your dividends in dollars.”
Dangote predicted the refinery will be Africa’s largest company by year-end on both revenue and profit, ahead of many sovereign firms.
“Don’t let the train leave you at the station.”
Lagos businessman Chris Chijioke plans to buy 2,000 shares, pointing to the plant’s scale and Dangote’s record.
He expressed worry that the price may not hold if the capacity-doubling plan is delayed.
The $20 billion plant on Lagos outskirts began work in 2024 and has reshaped Nigeria’s fuel market, supplying most domestically produced gasoline.
It has also profited from Iran-war supply shocks that boosted demand for its jet fuel in Africa and Europe.
Ordinary Nigerians can buy as few as 10 shares through fintech and digital investment platforms.
The complex processes 700,000 barrels a day and aims to reach 1.4 million barrels by 2029.
Reuters puts the IPO valuation at about $47 billion.
Dangote expects public demand to match July’s private placement, which was 3.7 times oversubscribed.