Aliko Dangote hails refinery IPO as ‘historic day’ for Africans

By Rédaction Africanews and AP

Africa’s richest man hailed Monday’s share sale of his Nigerian oil refinery as an opportunity to create value for millions of people across Africa.

Aliko Dangote was speaking at the Nigeria Stock Exchange in Lagos as the initial public offering of the company went live:

“Today is a historic day not only for the Dangote Petroleum Refinery and the Dangote Group, but also for Nigeria’s capital market and, by and large, Africa and indeed every Nigerian and African who believes in the promise of our nation.”

The offering is slated to be the biggest IPO in African history. Investors can buy as few as 10 shares at just $0.38 each – an opportunity, Dangote says, for small investors to have a stake in a long-term asset.

“Our market is about to go through what we call a big bang, a big bang that puts wealth into the hands of tens of millions of Nigerians,” said investment banker Aigboje Imoukhuede. “Nigeria will not be the same again. Africa will not be the same again.”

The IPO is aiming to raise some 1.6 billion dollars – money that will be used to expand the mega refinery into the world’s largest.

Neo Mooki, chairperson of the Botswana Stock Exchange, said the launch will inspire a new generation of African entrepreneurs.

“A black man can build a company that can have global significance, and he did that in a space of three years. So this is something that is worth celebrating, and that is why it is important. It’s important for the young ones who are coming behind us, for them to know and to believe and to have the hope that they too can build, and they can build businesses that can also shatter the continent.”

Investment sites say the offering, which closes on October 13, is already seeing higher traffic than expected.