The President and Chief Executive of Dangote Petroleum Refinery, Aliko Dangote, has announced that the refinery will increase its processing capacity to 1.4 million barrels per day by early 2029.
Speaking virtually on Monday at the final IPO roadshow themed “Back to Where It All Began,” organised by the Financial Derivatives Company in Port Harcourt, Rivers State, Dangote outlined ambitious expansion plans for the facility.
“By 2029 beginning, we will be at 1.4 million barrels per day. That is a total of 10 per cent of America’s total refining capacity. We will be at 2.5 million tonnes of polyolefin, which is the largest ever in African history,” he stated.
Dangote also projected significant growth in the refinery’s petrochemical operations, noting that the facility would produce no fewer than 2.5 million tonnes of polyolefin and 400,000 metric tonnes of linear alkylbenzene — milestones he described as major achievements for Africa’s industrial development.
Addressing concerns about the reported oversubscription of the ongoing Initial Public Offering (IPO) and the limited share offering, Dangote assured prospective investors that smaller subscribers would be prioritised.
“Most of the smaller people who are bidding for 50,000 shares and below will definitely be sure that we accommodate all of them,” he said.
He further guaranteed that all categories of Nigerians, including small and low-income earners, would be accommodated in the IPO, with returns on investment denominated in dollars.
Defending the offer price of N525 per share, Dangote described it as “extremely very, very good” and expressed confidence that the company’s performance could surpass its projected full-year earnings. He characterised the shares as a long-term investment opportunity, noting that investors could potentially more than double their investments within two and a half years.
In his keynote address, Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company, urged Nigerians to view the IPO as a chance to transition from consumers to investors in strategic national infrastructure. He projected that the listing could push Nigeria’s capital market capitalisation beyond N220 trillion.
Economist and Founder/CEO of the Promotion of Private Enterprise, Dr Muda Yusuf, said the investment would strengthen Nigeria’s economic fundamentals through industrialisation, job creation, reduced dependence on imported petroleum products, and improved foreign exchange stability.
Special guest of honour, Paul Usoro, SAN, encouraged people of the South-South and Niger Delta regions to take advantage of the share offering, stressing the importance of having a stake in an industry built around the country’s natural resources.
The Dangote Petroleum Refinery, already Africa’s largest single-train facility, continues to position Nigeria as a key player in regional and global refined products markets.
