Billionaire Aliko Dangote says he did not need the $1.5 billion he is raising

Africa's richest man, Aliko Dangote told investors at the opening of his refinery's public offer that the company did not need the money.

Speaking at the Facts Behind the Offer presentation and gong ceremony at the Nigerian Exchange on Monday, Dangote said the group had planned to raise $2.5 billion in total, $1 billion through private placement and $1.5 billion through the initial public offering. The placement drew applications of about $2.5 billion against the $1 billion sought, and roughly $1.2 billion was returned to investors after allocation.

"We already met all our demands with the private placement," he said. "Coming back now to the IPO is actually about making sure that the public can get part of these benefits."

The offer comprises 4.1 billion new ordinary shares at N525, raising about N2.15 trillion, with a minimum subscription of 10 shares at N5,250. It closes on Oct. 13. Investors can subscribe through more than 100 approved channels including banks, stockbrokers, fintechs, mobile operators and point-of-sale agents, NGX Group chief executive Temi Popoola said.

Dollar dividends, naira shares

Dangote said broad ownership would let investors preserve wealth through exposure to a business whose revenues are largely dollar-linked, and that shareholders would receive dividends in dollars. He pointed specifically at Nigerians with obligations abroad, including school fees.

He described the offer as democratising wealth creation, saying an asset of this magnitude should not create value for only a very few people.

David Bird, chief executive of the refinery, called it the people's IPO, intended to draw in Nigerians, the Nigerian diaspora and Africans more broadly.

What the company says it is

Aigboje Aig-Imoukhuede, chairman of Access Holdings, put the refinery's nameplate capacity at 650,000 barrels a day and described it as one of the largest single-train refineries in the world.

Dangote said the plant supplies the Nigerian market alongside African and international customers, has become a major supplier of aviation fuel to Europe, and sold out its jet fuel production for August and September. The group is expanding petrochemical output into polypropylene, polyethylene and polystyrene.

He said the refinery could become Africa's largest company by the end of 2026, and that the group is exploring a second refinery in Lamu, Kenya.

Umar Kwairanga, chairman of NGX Group, said the transaction demonstrated the capacity of Nigeria's capital market to support enterprise at global scale.