President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has urged Nigeria and other African countries to embrace bold initiatives capable of driving economic transformation and creating greater prosperity across the continent.
Dangote said African nations must take deliberate measures to grow their economies, strengthen institutions and build systems that would earn the respect of Europe and other parts of the world.
He made the call on Monday, September 7, 2026, at the signing ceremony for the initial public offering (IPO) of Dangote Petroleum and Petrochemicals FZE, held at Eko Hotels in Lagos.
Under the proposed offer, the company will make 4.1 billion ordinary shares of $0.000013 each available to investors at ₦525 per share.
Describing the IPO ceremony as an important milestone for both the company and Africa, Dangote said the refinery was on track to become the largest refinery in the world by 2028.
“This is the biggest IPO ever in the history of Africa,” Dangote stated.
He thanked the Lagos State Government for its support and commended the refinery’s bankers for their confidence in the project.
Reflecting on the difficulties faced before the refinery became operational, Dangote said the project went beyond being a commercial investment, describing it as a symbol of what Nigeria and Africa can achieve when they pursue ambitious goals.
According to him, the refinery demonstrates that Africa can dream, pursue its ambitions and achieve its aspirations.
‘IPO For The People’
Speaking about the importance of the IPO, Dangote praised the refinery’s management and employees for their commitment and hard work.
He said the share offer was designed to give ordinary Nigerians an opportunity to become part-owners of the refinery. Junior employees would also be able to acquire shares, with no segregation in determining who could participate.
Dangote explained that the goal was to make ownership accessible to Nigerians from different backgrounds, including workers, drivers and cooks.
The IPO is valued at approximately ₦2.15 trillion and will comprise 4.1 billion shares offered at ₦525 each.
The offer is expected to open on September 14, 2026, and close on October 9, 2026. Investors will be able to subscribe for a minimum of 10 shares.
Dangote Refinery Expansion Plans
Located in Lagos, the 700,000-barrel-per-day Dangote Refinery is Africa’s largest single-train refinery.
Proceeds from the IPO will be used to support the expansion of the refinery’s capacity, with a long-term target of increasing production to 1.4 million barrels per day.
Commissioned in 2023, the refinery later began operations as part of efforts to expand Nigeria’s domestic refining capacity, strengthen energy security and reduce the country’s dependence on imported petroleum products.
Dangote said the project’s journey from conception through its numerous challenges to its current position showed that African businesses and institutions can achieve ambitious goals when they are willing to take bold decisions and remain committed to their vision.
