Written by Africa’s richest man, and president of the Dangote Industries Limited, Aliko Dangote has signed registration documents for the initial public offer of the Dangote Petroleum Refinery and Petrochemicals FZE. Dangote says low income earners like drivers, cooks and even petty traders will have the opportunity to own shares.
The initial price for the shares is at N525 per share and comprises 4.1 billion ordinary shares. Minimum subscription will be 10 shares.
Dangote said the intention of selling shares is not just to raise funds for the refinery, but to also give people the opportunity to own a stake in the refinery. He also hinted that there is a possibility that share holders will receive dividends in dollars