President of Dangote Industries Limited, Aliko Dangote, has said he no longer wants to be described simply as the richest man in Africa, saying he would rather be recognised for creating wealth and opportunities for others.
Dangote spoke on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
“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,” he said.
The billionaire industrialist said the IPO represented an opportunity for Nigerians and other investors to participate in what he described as a transformational phase for the Nigerian and African economies.
“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.
He urged Nigerians to embrace greater participation in the capital market and promote wider ownership of wealth.
“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,” he said.
Dangote also reflected on the sacrifices he made in building his business empire, particularly the time spent away from his family.
He acknowledged his three daughters, Mariya, Halima and Fatima, for their understanding and support, noting that his business commitments had deprived him of significant family time over the years.
The industrialist also disclosed that he acquired his first private jet at the age of 22 and a half, while reflecting on his long career in business.
“My career as a businessman, I really had a great time. I was telling somebody that right now I don’t mind, I can take commercial, I can take anything. I had my first private jet at 22 and a half years old,” he said.
Dangote, however, urged wealthy Nigerians who own expensive private aircraft to consider directing more of their resources into productive investments that could contribute to economic growth.
He argued that Nigeria could not realise its full economic potential without greater investment in production and other productive activities.
“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,” he said.
The IPO, which opened on Monday, September 14, 2026, offers 4.1 billion new ordinary shares of Dangote Petroleum Refinery and Petrochemicals at N525 per share.
The minimum subscription is 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
The ceremony at the NGX trading floor marked the first time a refinery has been offered on the Nigerian stock market in the Exchange’s 66-year history.
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