Nigerian singer David Adeleke, popularly known as Davido, recently joined forces with businessman Aliko Dangote in New York's Times Square to draw attention to the public offering of shares in the Dangote Petroleum Refinery and Petrochemicals. The appearance was showcased on a large Nasdaq digital billboard displaying the message, "Made in Nigeria. Built for the World." Davido shared footage of the moment on social media, highlighting his interaction with Dangote.
The Dangote Petroleum Refinery's Initial Public Offering opened on September 14 and is scheduled to close on October 13, 2026. The offer comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares valued at ₦5,250. The company is targeting Nigerian and eligible African retail and institutional investors through the offer, aiming to raise about ₦2.15 trillion if fully subscribed.
During his interaction with Dangote in New York, Davido inquired about the importance of Nigerians buying shares in the refinery. Dangote emphasized that wider ownership of his businesses would help distribute wealth across Africa. He stated that it is crucial for spreading prosperity and wealth throughout the continent. Dangote also mentioned that the refinery would not be the only business through which the group planned to broaden ownership.
The Dangote Petroleum Refinery, located in Lekki, Lagos, is designed to process crude oil into products including petrol, diesel, aviation fuel, and liquefied petroleum gas. The facility has been described by Dangote as a major part of the group's industrial expansion. The IPO is being promoted as an opportunity for broader public ownership of the refinery, with the official IPO website warning prospective investors to use only approved subscription channels.
Davido's appearance with Dangote in Times Square has drawn significant attention due to the singer's involvement in promoting an investment offering linked to one of Nigeria's biggest industrial projects. The display has placed the refinery IPO alongside one of Nigeria's most recognizable entertainment figures, giving the public offer visibility beyond the country's financial market. Davido's visit to New York coincides with several Nigerian public figures attending events around the United Nations General Assembly.
The Times Square appearance has highlighted the growing interest in the Dangote Petroleum Refinery's IPO. The offer is open to Nigerian and eligible African retail and institutional investors, who can subscribe to a minimum of 10 shares valued at ₦5,250. The IPO website advises prospective investors to use only approved subscription channels to avoid potential scams.
The collaboration between Davido and Dangote in promoting the refinery IPO underscores the significance of the project for Nigeria's economy. With the refinery expected to play a major role in the country's industrial expansion, the IPO offers an opportunity for broader public ownership and wealth distribution across Africa.
Key points
- The Dangote Petroleum Refinery's IPO aims to raise ₦2.15 trillion if fully subscribed.
- The refinery is designed to process crude oil into products including petrol, diesel, aviation fuel, and liquefied petroleum gas.
- The IPO is open to Nigerian and eligible African retail and institutional investors.
