VIDEO: Dangote targets 10 million shareholders in refinery IPO

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Africa’s richest man, Aliko Dangote, has said his company is looking at getting 10 million shareholders through the ongoing Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals.

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Dangote made the remarks in a video interview posted on the X page of CNN International correspondent Larry Madowo on Monday.

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Madowo told the billionaire that Nigerians on social media were inspecting his trucks and visiting his cement factories, declaring themselves investors and demanding daily updates. He then asked, “So how are the people doing?”

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Dangote replied, “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.”

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He said the plan was to spread ownership so widely that the company’s annual general meeting would have to be held in the stadium.

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“We’re looking at having 10 million shareholders,” he said.

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Asked by Madowo to confirm, Dangote 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.”

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PUNCHONLINE recalls that the IPO opened on Monday, September 14, 2026, and comprises 4.1 billion new ordinary shares priced at N525 each, with a minimum subscription of 10 shares, or N5,250. It is scheduled to close on October 13, 2026. If fully subscribed, the offer would raise N2.15tn ($1.6bn), a figure that could rise to about $2.1bn if the company exercises a greenshoe option.

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Watch Video Here:

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𝐕𝐈𝐃𝐄𝐎: 𝐃𝐚𝐧𝐠𝐨𝐭𝐞 𝐓𝐚𝐫𝐠𝐞𝐭𝐬 𝟏𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐒𝐡𝐚𝐫𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬 𝐢𝐧 𝐑𝐞𝐟𝐢𝐧𝐞𝐫𝐲 𝐈𝐏𝐎

Credit: X | Larry Madowo

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September 21, 2026

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