Aliko Dangote, President of Dangote Industries, has expressed confidence that his refinery could become the largest company in Africa before the end of 2026.
Dangote made the statement on Monday, September 14, during the official launch of the Dangote Refinery’s Initial Public Offering (IPO) on the Nigerian Exchange in Lagos.
The IPO who are members of the public can now buy shares in the refinery and become part-owners of the business. The company is offering 4.1 billion shares at ₦525 each, with investors able to start with a minimum of 10 shares, worth ₦5,25
Dangote said the move was not simply about raising money. According to him, the goal is also to allow more people to benefit from the growth of the refinery by owning a small part of the business.
The refinery, located in Lagos, currently has the capacity to process about 700,000 barrels of crude oil per day. The company is also planning to increase its capacity to 1.4 million barrels per day, which would allow it to produce even more refined petroleum products.
Dangote refinery has already become a major player in Nigeria’s oil industry and has started supplying refined products to both local and international markets.
Dangote believes that the refinery could become even more valuable and powerful as it grows and begins selling shares to the public. This is only his prediction for now. However, the refinery is already growing quickly and is one of the largest industrial projects in Africa.