President and Chief Executive of Dangote Industries Limited, Aliko Dangote, says retail and small investors will receive priority consideration if the ongoing Initial Public Offering of Dangote Petroleum Refinery is oversubscribed.
Dangote said the policy was part of the structure of the offer to broaden ownership of the refinery and enable millions of Nigerians and other investors across Africa to participate directly in its growth.
He said the IPO was designed to deepen financial inclusion and broaden participation in wealth creation, with a target of attracting at least 10 million investors from Nigeria and across the continent.
“This is more than a capital-raising exercise. It is a historic opportunity to deepen financial inclusion, democratise wealth creation and enable ordinary Nigerians to become co-owners of a world-class industrial enterprise,” Dangote said.
He said the company welcomed all categories of investors, but allocation in the event of oversubscription would be guided by the principle of broad-based ownership.
“If the offer is oversubscribed, retail and small investors will receive priority consideration. We are determined to ensure that ordinary Nigerians are not crowded out by large subscriptions,” he said.
Dangote said the objective was not only to raise capital but also to create a broad shareholder base that would allow more Nigerians to own a stake in the refinery.
He added that prioritising retail investors reflected his belief that economic development should be accompanied by wider citizen participation and ownership.
“We believe prosperity should be shared by the many, not concentrated in the hands of a few. This refinery was built to transform Nigeria’s energy landscape, and we want millions of Nigerians to be part owners of that transformation,” he said.
According to Dangote, the IPO would enable civil servants, artisans, traders, professionals, cooperative societies, pension contributors, young entrepreneurs and Nigerians in the diaspora to participate directly in the ownership of the refinery.
He also said the offer had been designed to be simple, transparent and technology-driven, with BVN-enabled subscription channels intended to remove some of the traditional barriers to participation in the capital market.
Dangote said the IPO would contribute to the development of Nigeria’s capital market while providing an example of wider participation in industrial ownership.
“Our ambition is clear. We want to build a shareholder base of at least 10 million investors and create one of the most widely owned companies in Africa. That is the essence of the People’s IPO,” he said.