Nigerians with BVN Can Own Stake in Refinery Through IPO — Dangote

President of Dangote Industries Limited, Aliko Dangote, says ordinary Nigerians will be able to acquire shares in the Dangote Petroleum Refinery when the company’s planned Initial Public Offering (IPO) opens for subscription.

Dangote said the share offer was being designed to make ownership of the 700,000-barrel-per-day refinery accessible to a broad range of Nigerians, including first-time investors.

According to the industrialist, prospective investors with a Bank Verification Number (BVN) will be able to participate in the offering through simplified, technology-driven subscription channels.

“This refinery belongs to Nigerians and Africans. It was built to transform our economy, create prosperity, and secure our energy future. We want the people to share in that success,” Dangote said.

“That is why we are making the IPO process simple, transparent, and accessible. Anyone with a Bank Verification Number (BVN) will be able to invest and become a co-owner of this world-class refinery.”

He said the initiative was not solely about raising funds but also about broadening participation in wealth creation and giving Nigerians an opportunity to benefit directly from the refinery’s growth.

Dangote said the proposed system would reduce bureaucratic hurdles and allow civil servants, traders, artisans, professionals, young entrepreneurs, cooperative societies, pension contributors and Nigerians living abroad to participate in the offer.

“Historically, wealth has often been concentrated in the hands of a few. Our objective is different. We want to create opportunities for millions of Nigerians to benefit from the value being created by this refinery,” he said.

The businessman said wider ownership of major Nigerian enterprises would also help deepen the country’s capital market and promote more inclusive economic growth.

He cited previous public offerings by companies within the Dangote Group, saying they had enabled thousands of investors to benefit through dividends and increases in the value of their investments.

Dangote said the refinery IPO was consistent with his belief that Nigerians should participate in the economic value generated by strategic national assets, rather than only benefit from them as consumers.

“People should not only benefit as consumers of refined petroleum products; they should also benefit as owners. We are creating a pathway through which everyday Nigerians can participate directly in the growth story of this refinery,” he said.

The planned offering has attracted attention in the capital market because of the refinery’s scale and its potential implications for Nigeria’s energy security, industrial development, foreign exchange earnings and refined petroleum product exports.

With a stated capacity of 700,000 barrels per day, the Dangote Petroleum Refinery is described by the company as the world’s largest single-train refinery. Its operations have increased Nigeria’s domestic refining capacity and expanded the country’s potential for exporting refined petroleum products to other African markets.

Dangote said the company would maintain its focus on transparency, corporate governance and long-term value creation for shareholders.

He added that details on the IPO structure, subscription process and eligibility requirements would be released through the relevant regulatory and capital market channels.

“The refinery is more than an industrial project. It is a symbol of what Nigerians can achieve. We are now opening the doors for millions of people to become part of that journey,” Dangote said.