N2.15trn IPO to democratise wealth creation, says Dangote
President and Chief Executive Officer of Dangote Industries Ltd., Alhaji Aliko Dangote , on Monday said the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals (FZE) will democratise wealth creation.
Dangote said this at the “Facts Behind the Offer” presentation and opening gong ceremony for the refinery’s IPO in Lagos.
The ceremony witnessed the Nigerian Exchange Ltd. formally opening the N2.15trillion IPO of FZE. The IPO comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to close on Oct.13, subject to the terms contained in the prospectus.
He described the offer as a historic moment for Nigeria’s capital market, the Dangote Group and Africa, saying it would enable ordinary Nigerians and investors globally to own shares in one of Africa’s major industrial projects.
“What initially belongs to a country, begins in a deeper sense, now belongs to the people. Today is such a moment; today is a historic day,” he said.
According to him, the IPO is not simply about listing a company but about creating a new possibility for Nigeria and Africa by broadening ownership of a major industrial asset.
He said the decision to offer shares to the public was driven by the desire to allow more people to participate in and benefit from the prosperity created by the refinery.
“ An asset of this magnitude should not create value for only a very few people. It should create value for millions of people, not only Nigerians, but all over the world,” Dangote said.
