Dangote Promises IPO Access For Small Subscribers, Unveils Petrochemical Ambitions
By ESTHER McWILLIS-IKHIDE
ALIKO Dangote, President and Chief Executive of Dangote Petroleum Refinery, has announced plans to increase the facility’s refining capacity from 500,000 barrels to 1.4 million barrels per day by early 2029.
He disclosed the target on Monday during the refinery’s final initial public offering (IPO) roadshow in Port Harcourt, Rivers State. The event, organised by Financial Derivatives Company, was themed “Back to Where It All Began.”
Beyond expanding refining capacity, Dangote projected significant growth in the company’s petrochemical operations. He said the facility planned to produce at least 2.5 million tonnes of polyolefin and 400,000 metric tonnes of linear alkylbenzene, targets he described as important milestones for Africa’s industrial development.
Meanwhile, the refinery chief executive assured Nigerians across income groups that the ongoing IPO would accommodate small investors, including low-income earners. He also said investors would receive returns on their investments in dollars.
Addressing concerns about the reported oversubscription of the share offer, Dangote promised to prioritise smaller subscribers. In particular, he said applicants seeking 50,000 shares or fewer would be accommodated.
“Most of the smaller people who are bidding for 50,000 shares and below will definitely be sure that we accommodate all of them,” he said.
Dangote also defended the offer price of ₦525 per share, describing it as attractive. He expressed confidence in the refinery’s financial performance as the company seeks to broaden public participation in its ownership.
The planned expansion, if achieved, would significantly increase the refinery’s capacity and strengthen its role in the regional energy and petrochemical industries. However, the company’s ability to meet its 2029 target will depend on the successful execution of its expansion plans and the investments required to support them.
