…As he puts up 4.1m ordinary shares at N$6.03 each
By Stefanus Nashama
Ordinary Namibians are being given a rare opportunity to buy into one of Africa’s biggest energy projects, with Dangote offering shares in its 700,000-barrel-per-day refinery at an entry price of N$6.03.
This comes as the Nigerian conglomerate pushes to put ownership of the continent’s energy infrastructure into the hands of ordinary Africans.
The offer, which forms part of Africa’s biggest initial public offering (IPO) to date, extends beyond Nigeria, with Dante Group President and Chief Executive Officer Aliko Dangote specifically identifying Namibia among the African countries whose citizens could benefit from the opportunity.
Speaking in Lagos, Nigeria, this week at a ceremony marking the Dangote Petroleum Refinery and Petrochemicals FCE IPO, Dangote said the objective was not simply to raise capital for the refinery’s expansion, but to give ordinary Africans a direct stake in a major industrial asset.
“But is not only to fund the expansion of the oil refinery because it’s a meagre amount. What we are trying to do is to make sure that the majority of an average person, from a chef, driver to a manager will have an opportunity to own a stake in the refinery,” he said.
The IPO involves an offer for subscription of 4,100,000,000 ordinary shares at N$6.03, with the company seeking to raise N$24.2 billion to fund the refinery’s expansion.
The minimum subscription is 10 shares.
Dangote said the offering was designed to create opportunities and prosperity across Africa, including Namibia, Ethiopia, Kenya and Tanzania.
The move comes as Dangote Industries Namibia advances plans for a major petroleum storage and distribution facility in Walvis Bay, positioning Namibia as part of the group’s broader strategy to build an integrated African energy network.
Dangote said the refinery’s significance extended across the continent, “from the man working in Simandu mines to the women in the rich agricultural field in Amhara to the fisherman in Walvisbay and to the custodians of our ancient history in the desert in the northern tip of our continent.”
“Our vision 2030 mantra at the Dangote Group is accelerating Africa’s industrialization. We have learned the hard way and we cannot industrialize without energy security. That’s why there has been a mindset in the group as we continue to invest in Nigeria as a powerhouse in Africa.”
He said the group’s expansion across Africa, including Namibia, had also encouraged other entrepreneurs to join the drive towards industrialisation.
Dangote said the IPO signing ceremony marked an important milestone in the development of one of Africa’s significant energy investments and reflected the group’s ambition to transform Nigeria and Africa’s energy landscape.
He said the IPO was intended to bring ordinary Africans into an asset that has historically been associated with large investors and institutions.
He said the price was not the defining factor, but rather the opportunity for people to invest their savings, earn dividends and use the returns to improve their welfare and fund their children’s education.
“This is why we call it the IPO for the people. There is not segregation on who can own these shares. We want every human being living on the continent to be part of this process and I am sure they will continue to be happy now, future and forever.”
