LAGOS, Nigeria – The President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, GCON, has declared that he no longer desires to be referred to as the richest man in Africa, stating that he would rather be recognized as the continent’s “wealthiest man” whose defining mission is creating enduring economic wealth and ownership opportunities for others, capital market correspondents confirmed in Lagos on Monday, September 14, 2026.
Dangote made the remarks while sounding the ceremonial closing gong on the trading floor of the Nigerian Exchange Limited (NGX) in Lagos to formally open the nationwide Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Okay News reports that the landmark equity transaction marks the first time an operational crude oil refinery has been presented to public investors in the 66-year history of the Nigerian bourse.
Addressing stockbrokers, capital market regulators, institutional asset managers, and financial analysts, the billionaire industrialist explained that real wealth lies in expanding economic participation rather than accumulating personal balance sheets.
“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” Dangote said, drawing sustained applause from market operators on the trading floor.
Dangote framed the public flotation as a generational inflection point for Africa’s downstream energy architecture, urging citizens to leverage the capital market to acquire equity in strategic industrial assets.
“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, of Africa’s economy,” Dangote noted. “Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa.”
Reflecting on the decades of entrepreneurial toil required to establish his manufacturing and refining footprint across the continent, Dangote paid tribute to his family for enduring the personal costs of his corporate pursuits.
He publicly thanked his three daughters—Mariya, Halima, and Fatima—for their resilience, understanding, and unwavering support, acknowledging that the demands of building an industrial empire frequently deprived him of family time over many years.
The public offer, which opened on Monday, September 14, 2026, presents 4.1 billion new ordinary shares of Dangote Petroleum Refinery and Petrochemicals to domestic and international investors at an offer price of ₦525 per share.
To ensure widespread retail participation among working-class households, the offer framework established an accessible minimum entry threshold of 10 ordinary shares valued at ₦5,250, with the subscription period scheduled to close on October 13, 2026, subject to the conditions outlined in the regulatory prospectus approved by the Securities and Exchange Commission (SEC).
Market operators indicated that the opening hours of the flotation generated unprecedented transaction volumes across digital primary-market application portals, reflecting deep retail and institutional appetite to hold direct equity in the world-scale 650,000-barrel-per-day Lekki refining facility.
