Africa’s richest man says ordinary Africans will be given a chance to own part of the continent’s biggest refinery as expansion plans gather momentum…..
Investor demand for the planned public listing of Dangote Petroleum Refinery & Petrochemicals is already surging ahead of its official launch, with expressions of interest for the private placement crossing the $2 billion mark.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed this during a visit by the leadership of FirstHoldCo to the massive 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju Lekki, Lagos.
Dangote said the overwhelming response from investors reflects growing confidence in the refinery project and the future of industrial development across Africa.
“There is huge interest in the IPO and private placement already,” he said. “Requests have exceeded $2 billion, although we are not taking the full amount being requested.”
The billionaire businessman explained that the planned Initial Public Offering is not solely about raising capital but also about giving ordinary Africans an opportunity to build wealth through ownership in one of the continent’s largest industrial projects.
“We want Africans to participate in the value being created,” Dangote stated. “What global companies like Amazon and Apple achieved for investors is the kind of wealth creation we want to see happen here in Africa.”
He noted that the refinery listing would allow more retail investors across Nigeria and other African countries to become shareholders in the project, which is widely regarded as a major step toward reducing Africa’s dependence on imported petroleum products.
Dangote also hinted at another ambitious expansion plan already in the pipeline, a proposed 700,000 barrels-per-day refinery in East Africa that would include polypropylene and base oil production facilities.
According to him, construction on the project could begin within the next three to four years, adding that the initiative was not originally included in the Group’s long-term Vision 2030 strategy, a sign that the conglomerate may exceed its projected growth targets earlier than expected.
The industrialist highlighted the Group’s rapid expansion across several sectors in recent years, including cement production in 11 African countries, fertiliser manufacturing, petrochemicals, and oil refining.
He revealed that Dangote Group has increased cement production capacity to 55 million tonnes annually while also developing clinker export terminals aimed at boosting regional trade and exports.
“Africa must stop exporting raw materials and importing finished products,” Dangote said. “That only exports jobs and imports poverty.”
Chairman of FirstHoldCo, Femi Otedola, also used the visit to publicly declare interest in acquiring $100 million worth of shares in the refinery during the private placement phase.
Otedola described the refinery as a transformational project capable of reshaping Africa’s economic future and reducing dependence on imported fuel.
“He is one of the greatest men to come out of Africa,” Otedola said while praising Dangote. “What he has built is helping to free the continent from economic dependence and importation.”
The billionaire investor disclosed that he had already approached Dangote about securing an allocation in the share offering, adding that part of the reason for selling his stake in Geregu Power was to reinvest in the refinery project.
Otedola also expressed confidence in Dangote Group’s broader refining ambitions, including plans to eventually scale capacity to 1.4 million barrels per day to meet growing energy demand across Africa.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of African ambition and industrial possibility.
According to him, the sheer scale of the project demonstrates what can be achieved when African businesses invest boldly in infrastructure capable of transforming economies across the continent.
“If an individual can conceive and execute a project of this magnitude, then it should inspire governments and investors across Africa,” Alebiosu said. “This is about building Africa together.”
