Dangote Refinery Sets N5,250 Minimum for Public Share Subscription

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Aliko Dangote, Chief Executive Officer of Dangote Group, has said investors can subscribe to the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE with a minimum of 10 ordinary shares, worth N5,250.

Dangote disclosed this on Monday during the signing ceremony for the refinery’s IPO at Eko Hotel and Suites, Victoria Island, Lagos.He said the offering comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of N525 per share.“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.Dangote explained that the funds would be used not only to finance the refinery’s expansion but also to give a broad range of Nigerians the opportunity to become shareholders in the company.

He said the offer was designed to enable “drivers, our cooks, our servants, our managers, and everybody” to own a stake in the refinery.

According to him, the investment would also provide subscribers with an opportunity to build their future savings through ownership of shares in the company.

The Dangote Group CEO described the public offer as “the IPO for the people”.

The IPO is expected to fund the refinery’s expansion while widening public participation in ownership of one of Nigeria’s largest industrial assets. The Nation

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