President of Dangote Industries Limited, Aliko Dangote, has disclosed that the Dangote Group plans to list all its major companies on the stock market, describing the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals FZE as part of a broader strategy to expand public ownership and democratise wealth creation.

Dangote made the disclosure on Monday, September 14, 2026, during the official opening of the refinery's IPO on the floor of the Nigerian Exchange (NGX) in Lagos.

According to Dangote, the decision to take the refinery to the capital market was not primarily driven by a need to raise funds. He said the group already had sufficient capital to finance its planned investments and expansion programmes.

He explained that the central objective was to give Nigerians and other investors an opportunity to own shares in businesses within the Dangote Group and participate directly in the wealth generated by them.

«“The primary purpose of making this offer is to democratise wealth creation,” Dangote said, adding that the group had about $46 billion in projects and expansion plans in its pipeline.»

The refinery's public offer comprises 4.1 billion ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares, valued at ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026.

The IPO is expected to raise approximately ₦2.15 trillion ($1.6 billion) if fully subscribed. However, Dangote said the group's earlier private placement had already provided substantial funding for its expansion plans.

Dangote also indicated that the refinery's listing is part of a wider plan to bring other companies under the Dangote Group to the public market.

The move would potentially allow Nigerians and other investors to acquire stakes in a broader range of Dangote businesses, increasing public participation in the group's industrial operations.

The billionaire businessman has framed the strategy around expanding ownership beyond a small group of investors and allowing ordinary Nigerians to participate in the long-term value generated by major industrial enterprises.

Dangote also highlighted the potential for shareholders to receive dividends in dollars, saying this could provide investors with protection against naira depreciation.

He specifically pointed to Nigerians with financial obligations abroad, including parents paying children's school fees overseas, saying dollar-denominated dividend payments could help them meet such expenses even during periods of currency depreciation.

However, the official IPO information makes clear that dividends are not guaranteed. Any dividend payment would depend on the company's financial performance, cash requirements and the decision of its board.

The Dangote refinery currently has a stated capacity of 700,000 barrels per day, making it one of the world's largest single-site refineries.

The company plans to increase capacity to 1.4 million barrels per day over the coming years. Reuters reported that the refinery recorded a net profit of $1.82 billion on revenue exceeding $13 billion in the first half of 2026, compared with a loss in the corresponding period of the previous year.

The IPO therefore comes at a significant stage in the refinery's development as the company seeks to expand its operations while opening ownership to a much wider pool of investors.

The public offer has been structured to allow retail investors to participate, with the minimum subscription set at 10 shares, or ₦5,250.

The official IPO portal advises prospective investors to read the approved prospectus and use only SEC-approved receiving agents and electronic application channels. The Securities and Exchange Commission has also warned investors against transferring money to unauthorised individuals or platforms claiming to process IPO applications.

If allotted shares, investors become shareholders in Dangote Petroleum Refinery and Petrochemicals FZE. However, the official IPO information cautions that share values can rise or fall and investors may lose some or all of their investment.

The Dangote refinery IPO is expected to become one of the largest capital-market transactions in Africa and represents a major effort to broaden retail participation in Nigeria's capital market.