Africa richest man and CEO of Dangote Group, Aliko Dangote, don reveal when im $20 billion refinery go dey operate full capacity. E talk say by early 2029, the plant go move production from 500,000 barrels per day to 1.4 million barrels per day.
Dangote yarn this one during virtual final IPO roadshow. The event carry theme ‘Back to Where It All Began’, and Financial Derivatives Company organise am for Dangote Petroleum Refinery in Port Harcourt, Rivers State, on Monday. E talk say by 2029 beginning, dem go dey 1.4 million barrels per day. According to am, that one be 10 per cent of America total refining capacity. E also talk say dem go reach 2.5 million tonnes of polyolefin, which e call largest ever in African history.
The Nigerian industrialist still outline plan to expand refinery petrochemical output. Target na at least 2.5 million tonnes of polyolefins every year and 400,000 metric tonnes of linear alkylbenzene. E talk say the planned output go mark big step for Africa industrial development.
Dangote also talk about how average Nigerian and small low-income earners go fit join the expansion through company initial public offering. E promise say shareholders go collect their returns in dollars. E talk say most of the smaller people wey dey bid for 50,000 shares and below, dem go definitely accommodate all of them.
For the event, Bismarck Rewane, CEO of Financial Derivatives Company, urge Nigerians to take advantage of the IPO and own stake for one of country most important industrial assets. E talk say the listing fit push Nigerian capital market total value pass ₦220 trillion. Rewane talk say this IPO be one where three countries, Kenya, Tanzania and Uganda, dey get their citizens to invest for Africa. E also mention say joint venture between Ethiopia and WG refinery dey build largest fertiliser plant for world.
Rewane still bring Donald Trump matter enter. E talk say today Donald Trump dey talk about diesel. Diesel dey come out of refinery. Diesel dey determine wetin go happen for the 19 days from end of election. E talk say price of diesel go determine outcome of largest economy for world. So e advise people to hold on to wetin dem get. Make dem move from being citizen to citizen plus investor, and from citizen plus investor to African investor, where economy of steel and benefits go improve for everybody.
Dangote launch the IPO of im $20 billion refinery on September 14, and e suppose run till October 13. Later, dem extend the date to accommodate more local investors. Company announce on Monday say initial public offering go extend by 10 days to give investors across continent more time to participate for wetin dem expect to be Africa largest-ever share sale. Dangote talk say issuer don receive very strong interest from broad range of eligible investors across Africa and other jurisdictions.
Chief Executive Officer David Bird talk say the extension go help company offer the investment opportunity to more African investors. Some days ago, report show say Dangote set to open significant portion of IPO to investors across East Africa. Refinery reveal say e dey make almost 20% of IPO available to investors for the region. The allocation fit reach $300.4 million if full offer dem take up, according to Bloomberg.
Kenyan investors go fit participate for refinery $1.6 billion IPO after Capital Markets Authority approve short-form prospectus for global depository receipt linked to the offering. The approval cover global depository receipt wey Renaissance Capital Kenya submit. Kenyan firm go work with Renaissance Capital Africa, wey get license to operate for Nigeria, to facilitate access to the offer. Before that, Uganda Capital Markets Authority approve investors for East African country to participate for Dangote Refinery IPO. Reuters report say the approval cover offer of securities under IPO and e follow application wey Stanbic IBTC Capital submit on behalf of refinery. But access limited to professional and high-net-worth investors.
Dangote Refinery IPO launch on September 14 for trading floor of Nigerian Stock Exchange (NGX) for Lagos, Nigeria commercial hub. E be first refinery to list on Nigerian stock market. The initial public offering currently get 4.1 billion new ordinary shares priced at N525 per share, with minimum purchase requirement of 10 shares valued at N5,250. The issuance of 4.1 billion new ordinary shares at N525 each expected to raise roughly N2.15 trillion upon full subscription.
