Dangote Group CEO Aliko Dangote has discussed the company’s upcoming IPO and plans to further expand its Lagos refinery.
In an interview with CNN, the Dangote Group says it plans to sell more than 4 billion ordinary shares, set to be the continent’s biggest ever share sale.
“This is going to be the biggest IPO ever in the history of Africa. And I definitely hope it will be massively oversubscribed. The demand is very, very overwhelming.” Said Dangote
Dangote his decision is to list on the Nigerian stock exchange, saying, “Every African, has an opportunity to have a stake in this great refinery.”
The IPO proceeds are set to fund an expansion that would increase Dangote’s Lagos refinery’s capacity to 1.4 million barrels per day, potentially making it the world’s largest operating refinery.
“When we get there, we will be now major supplies of jet fuel to the world market, not only Europe. We’ll be the biggest in terms of gas oil, which means diesel, to the world market. This is going to be the biggest IPO ever in the history of Africa. And I hope definitely to be massively oversubscribed. The demand is very, very overwhelming.” Added Dangote
Dangote on the decision to list on the Nigerian stock exchange:
“The IPO is going to open. I think each and every, you know African, has an opportunity to have a stake in this great refinery. After we have gone to 1.4 million in the next two and a half years, we will now list in you know in the US, and I believe a lot of other people too will join because by that time we are going to be the biggest refinery ever in the history of the world with a massive petrochemical complex, and I think it is going to be something that people would definitely rush buy.”
He further said, “When we get there, we will be now major supplies of jet fuel to the world market, not only Europe. We’ll be the biggest in terms of gas oil, which means diesel, to the world market.”
