After Refinery Share Offer, Dangote Announces Another IPO, Sets 2028 Date
- Aliko Dangote has confirmed another of his companies will launch an IPO in 2028, opening another major business to public investors
- Retail investors buying refinery shares have humorously declared themselves co-owners, prompting Dangote to joke about demands for board meetings
- Dangote Fertiliser targets 12 million tonnes of annual urea capacity by 2028 through expansions in Nigeria and Ethiopia
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Africa’s richest man, Aliko Dangote, has confirmed plans to take Dangote Fertiliser public in 2028, potentially opening another major part of his industrial empire to Nigerian and international investors.
Dangote disclosed the timeline during an interview at the Qatar Economic Forum on Sunday, where he discussed the ownership structure of his businesses and plans to bring more investors into the Dangote Group.
Source: Getty Images
The announcement comes as Nigerian retail investors embrace the ongoing share offer by Dangote Petroleum Refinery, sparking a wave of humorous social media posts about becoming co-owners of the massive refinery.
Dangote responds to new shareholders
Speaking about the group's ownership structure, Dangote explained that his businesses have largely been developed without outside partners but said that approach is changing as the group seeks broader public ownership.
“No, we actually have everything we do by ourselves. We don’t have partners. But that’s why we are now looking for all these massive number of people to now become our partners,” he said.
Dangote also acknowledged the viral reactions from Nigerians who recently bought refinery shares, joking that some of the new investors were already demanding a board meeting.
“You must have seen that they’ve been calling me now for a board meeting,” he said.
The joke follows a flood of memes and videos surrounding the refinery's share offer, which has been promoted as a “people’s IPO.”
Some retail investors who purchased the minimum 10 shares have jokingly portrayed themselves as executives and co-owners of the refinery, with social media posts featuring mock corporate titles and supposed meetings with Dangote.
Dangote Fertiliser IPO coming in 2028
Beyond the social media excitement, Dangote revealed another potentially significant opportunity for investors.
Asked whether the group's fertiliser business would also be taken public, he confirmed that an IPO is planned.
“Oh, yeah, yeah. I mean, we will IPO it. It’s going to be the biggest fertilizer company on earth,” Dangote said.
When pressed for a timeline, he added: “Yes, it will be 2028.”
The announcement gives investors a clearer timeline for when shares in another major Dangote business could become available to the public, Punch reports.
Fertiliser capacity targeted at 12 million tonnes
Dangote Fertiliser currently operates a $2.5 billion plant in Ibeju-Lekki, Lagos, with annual production capacity of about three million tonnes of urea.
However, the group has outlined ambitious expansion plans that could increase fertiliser production capacity to about 12 million tonnes annually by 2028.
Source: Getty Images
The expansion is expected to include additional capacity in Nigeria as well as a proposed fertiliser plant in Ethiopia.
Dangote has said the expansion could position the business among the world's largest urea producers.
The 2028 IPO would further broaden public participation in the Dangote industrial empire following the refinery share offer, giving investors another opportunity to own a stake in one of the group's flagship businesses.
7 things to know about Dangote Refinery shares
Legit.ng earlier reported that Dangote Petroleum Refinery has opened its initial public offering (IPO), giving investors an opportunity to acquire shares in one of Nigeria’s biggest industrial companies.
From the ₦525 share price to the minimum amount required and how to subscribe, here are seven important things prospective investors should know.
Source: Legit.ng
