Dangote Targets 10 Million Shareholders as Refinery IPO Draws Pan-African Interest

Africa’s richest man, Aliko Dangote, says his company is targeting 10 million shareholders through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

Dangote disclosed this in a video interview posted on Monday by CNN International correspondent Larry Madowo on X, as interest in the refinery’s share offer continues to grow.

During the interview, Madowo told Dangote that Nigerians on social media had been closely following the company’s activities, including inspecting its trucks and visiting Dangote Cement factories while describing themselves as investors.

Asked how the public was responding to the IPO, Dangote said interest was coming from across Africa and that the offering was designed to broaden ownership of the company.

“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,” he said.

Dangote said the company wanted its ownership to be so widely distributed that its annual general meeting could potentially require a stadium to accommodate shareholders.

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

When Madowo asked him to confirm the target, Dangote expressed confidence that the company would reach the figure, saying the amount the company sought to raise had already been secured and that the focus was now on broadening ownership.

“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,” Dangote said.

The Dangote Petroleum Refinery and Petrochemicals IPO opened on September 14, 2026, with 4.1 billion new ordinary shares offered at N525 per share. The minimum subscription is 10 shares, requiring an investment of N5,250.

The offer is scheduled to close on October 13, 2026. If fully subscribed, the IPO is expected to raise about N2.15 trillion ($1.6 billion), with the potential to reach approximately $2.1 billion if the company exercises its greenshoe option.

Dangote’s comments suggest the IPO is being positioned not only as a capital-raising exercise but also as an attempt to widen participation in ownership of one of Africa’s largest industrial projects.