The development came as the privately controlled Dangote Refinery opened its ownership to individual investors on Monday, September 14, in what was described as a potential landmark share sale for Africa.
The refinery, which is the largest of its kind on the continent, is expected to further increase Dangote’s wealth as its shares become publicly traded.
Speaking to Forbes ahead of the share sale, Dangote said, “We have D-Day on Monday,” adding that he only learnt the exact timing of the offering late.
He explained that the development would affect his plans to attend an investment summit in Canada, which he had promised to attend alongside Canadian Prime Minister Mark Carney.
Dangote said the share sale was not solely about raising funds but also about creating wealth for Africans.
“Selling these shares now is us making sure that we create wealth for other people,” he said. “Just like what Amazon and Microsoft have done. That kind of thing but for an African company.”
The refinery’s public offering could further boost Dangote’s fortune as investors gain access to ownership of the multibillion-dollar facility.
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