Aliko Dangote, Chief Executive Officer of Dangote Group, has disclosed that the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will have a minimum subscription of 10 ordinary shares, valued at N5,250.

Dangote disclosed this on Monday at a signing ceremony held in Lagos.

He said the IPO comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, offered at N525 per share.

According to him, the company plans to raise slightly more than N2 trillion through the offering to finance the expansion of the refinery.

“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” Dangote said.

He explained that the funds would not only be used to expand the refinery but would also provide an opportunity for a broad range of Nigerians, including drivers, cooks, domestic workers, managers and other employees, to own shares in the company.

Dangote said the offering was designed to enable Nigerians to build their future savings through investment in the refinery.

The billionaire businessman described the proposed offering as “the IPO for the people.”