Africa’s richest man, Aliko Dangote, has said the Dangote Petroleum Refinery and Petrochemicals is targeting 10 million shareholders through its ongoing Initial Public Offering.
Dangote disclosed this in a video interview with CNN International correspondent Larry Madowo, posted on Madowo’s X page on Monday.
Madowo noted the growing excitement among Nigerians on social media, where some users have been inspecting Dangote trucks, visiting his cement plants and identifying themselves as investors while seeking regular updates on the company.
Asked how the public was responding to the IPO, Dangote said the offer had attracted interest beyond Nigeria and was aimed at broadening participation in the continent’s capital markets.
He said, “I think this IPO is not only for Nigerians. We’ve got a lot of interest from all over Africa, and we’re selling shares. We’re trying to bring in democracy to our stock markets.”
Explaining the scale of the ownership structure being envisaged, Dangote said the company wanted to distribute its shares widely enough that its annual general meeting might have to be hosted in a stadium.
READ ALSO: Obi Throws Support Behind ₦2.15tn Dangote Refinery IPO
“We’re looking at having 10 million shareholders,” he said.
When Madowo sought confirmation of the target, the businessman said, “I’m 100 per cent sure we get 10 million shareholders. I mean, we’ve already raised the money that we’re looking for, so this is just to make sure we spread the wealth across the continent.”
The refinery’s IPO opened on Monday, September 14, 2026, with 4.1 billion new ordinary shares offered at N525 per share. Investors can subscribe for a minimum of 10 shares, requiring N5,250.
The offer is expected to close on October 13, 2026. A full subscription would generate about N2.15tn ($1.6bn), while proceeds could reach approximately $2.1bn if the company activates its greenshoe option.