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| Dangote Industries Limited |
The Vice President, Oil and Gas, Dangote Industries Limited, Mr Edwin Devakumar, has described the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery as an opportunity for Nigerians and other investors to participate in one of Africa’s major industrial projects.
Devakumar, who spoke on the offering, said the refinery’s operational performance, expanding market presence, strong demand outlook and strategic position in Africa’s energy sector make the investment attractive to both institutional and retail investors.
According to him, the refinery has commenced profit-making operations and was established to reduce Nigeria’s dependence on imported refined petroleum products, strengthen energy security and conserve foreign exchange.
He added that the project was also designed to create employment opportunities and position Nigeria as a major exporter of refined petroleum products to markets within Africa and beyond.
Devakumar said investors participating in the IPO could benefit from the refinery’s growth potential and long-term business prospects, noting that the project represents a significant investment in Africa’s industrial and energy infrastructure.
He explained that the objective of the IPO was not solely to raise capital but also to broaden ownership of the refinery by giving Nigerians and international investors an opportunity to participate in the company’s development.
According to him, proceeds from the offering would be deployed towards long-term growth initiatives, operational optimisation, expansion projects, working capital requirements and strategic investments across the petroleum value chain.
He further identified the refinery’s integrated business model, advanced technology, large-scale production capacity, deep-water port infrastructure and logistics network as key factors supporting its operations and competitiveness.
Devakumar said the refinery’s strategic location and infrastructure would enable it to play a significant role in meeting regional petroleum product demand while supporting Nigeria’s broader energy and industrial development objectives.
The ongoing IPO therefore seeks to provide investors with an opportunity to acquire an interest in the refinery while supporting its future expansion and operations, according to the company.
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