The Dangote Petroleum Refinery and Petrochemicals is set to channel share subscriptions through POS terminals, fintech platforms, and mobile phones ahead of its anticipated listing on the Nigerian Exchange Group.
Fintech companies with a major national footprint have already been engaged to build the subscription infrastructure, with agency banking networks and POS operators also being positioned to support the distribution process.
Any Nigerian holding a Bank Verification Number, including those in the diaspora, will be eligible to participate in the offer. It remains unclear how investors from other African countries will be accommodated.
The refinery is targeting a valuation of approximately $50 billion, equivalent to roughly N70 trillion at Nigeria's average exchange rate, with an estimated offer size of $1.5 billion, which would make it the largest public offering ever conducted on the continent. The valuation, however, remains a working estimate and could go higher.
Aliko Dangote had previously indicated the listing would cover approximately 10 per cent of the company. He also confirmed that the refinery is expected to pay dollar denominated dividends after the IPO. The 10 per cent on offer may include allocations targeted at foreign institutional investors.
Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap have been appointed as transaction advisers. Dangote has also outlined plans to expand into additional resource based industries across Africa.