President of Dangote Group, Aliko Dangote, has challenged Nigeria’s wealthy elite to channel their fortunes into productive investments, arguing that the country cannot achieve greatness without building industries and creating economic value.
Dangote spoke on Monday as the $1.6 billion Initial Public Offering (IPO) of Dangote Petroleum Refinery officially opened on the Nigerian Exchange Limited (NGX).
The business mogul urged billionaires who own private aircraft worth as much as $900 million to consider investing their wealth in productive ventures in Nigeria rather than directing it solely towards luxury.
“I try as much as I can to encourage people who are riding $900 million aircraft to please go and put that into production. We are not going to be a great nation without doing something productive,” Dangote said.
Highlighting his long-standing involvement in business and wealth creation, he revealed that he acquired his first private jet at the age of 22 and a half.
The refinery’s IPO comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares costing N5,250. The offer is valued at approximately N2.15 trillion and is targeting up to 10 million Nigerian investors.
The listing marks a significant milestone for the 700,000-barrel-per-day refinery, which became the first refinery to be offered on the Nigerian stock market in the NGX’s 66-year history.
Dangote sounded the closing gong at the exchange to mark the commencement of the public offer, which is expected to broaden public participation in the ownership of the massive industrial facility.
In a separate remark, Dangote claimed that his refinery had become the largest supplier of jet fuel to Europe, saying its output had helped sustain aviation activities on the continent.
“Dangote Refinery is the largest supplier of jet fuel to Europe. Europe must really thank Nigeria under the leadership of President Tinubu for keeping their planes flying. I’m very serious,” he said.
According to the businessman, the refinery had sold out its available jet fuel supplies to European buyers from August into September, leaving the company with reserves designated for the Nigerian market.
“Right from August, September, we sold out in terms of jet fuel, we have nothing to sell anymore, we only reserve that for Nigeria,” Dangote added.
The refinery’s public offering represents another phase in the expansion of Nigeria’s domestic refining capacity and the drive to deepen local participation in major industrial investments. However, Dangote’s appeal to wealthy Nigerians also underscores the broader challenge of converting private wealth into productive capital capable of strengthening the nation’s economy.
