Africa’s wealthiest man Aliko Dangote has said he is prepared to further dilute his ownership of Dangote Petroleum Refinery if necessary to accommodate strong demand from ordinary investors, declaring that his mission is to democratise ownership of the business.
Speaking exclusively to ARISE News Anchor Ojy Okpe shortly before the refinery’s initial public offering opened on Monday, Dangote said he wanted millions of Africans to participate in the company and was willing to reduce his own stake to make that possible.
“I don’t mind to be diluted as much as possible because I want people to actually be part of this good journey,” he said.
The refinery’s public offer opened on September 14 with 4.1 billion shares priced at ₦525 each, seeking to raise about ₦2.15 trillion in what is expected to become Africa’s largest IPO.
Dangote said the company was targeting at least 10 million shareholders, with a particular emphasis on smaller retail investors.
Asked why he was retaining a large majority stake in the refinery rather than immediately giving up more shares, Dangote said that could change depending on demand.
“We’ll give up more shares,” he said.
“We’re locked at 85%, but if we now go—we can’t be that stupid to leave. Now, there’s so much demand, definitely we’ll be able to increase the number of allocations.”
He suggested the number of shares made available could be increased beyond the initial allocation if demand warranted it, adding that he would seek the support of other existing shareholders.
“I want to make sure that, you know, this is my main mission: to make sure that, yes, we democratise this share and give it to normal people,” Dangote said.
“We will do whatever it takes to make sure that we satisfy people who have actually persisted in getting these shares.”
Dangote said smaller retail investors would be given priority in the allocation process, although larger applications would not be rejected simply because of their size.
“Just apply and pay,” he said. “If you are lucky, you might even get whatever that you are looking for.”
The billionaire has repeatedly described the offer as a “People’s IPO”, arguing that ownership of one of Africa’s biggest industrial projects should extend beyond himself and existing investors.
“This business does not belong to Mr Dangote; it belongs to all of us,” he told ARISE News.
“That’s what we’re targeting. That’s why we’re putting it to the people.”
Demola Ojo
Watch out for full interview with Ojy Okpe to be broadcast on the ARISE News Channel and excerpts across ARISE News digital platforms.
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