Dangote Industries Limited President, Aliko Dangote, on Monday signed the registration documents for the proposed initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, saying the share sale will give drivers, cooks, traders, domestic workers and managers an opportunity to own stakes in the refinery.

Speaking at the signing ceremony in Lagos, Dangote described the transaction as an “IPO for the people,” aimed at broadening public ownership of the massive industrial facility.

According to Dangote, the IPO will comprise 4.1 billion ordinary shares priced at N525 each and is expected to raise slightly above N2tn.

He added that the minimum subscription would be 10 shares.

“But it is not only to fund the expansion of the refinery, of course, it’s a bigger amount. What we are trying to do is to make sure majority of all these my—our drivers, our cooks, our, you know, servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” Dangote said.

Dangote said the transaction was not primarily aimed at raising funds for expansion, but was also designed to give people across the continent an opportunity to own shares in the refinery.

“So, this is why we have actually called it the IPO for the people. This is why we say that this is democratizing,” he said.

“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action, and I’m sure they will continue to be happy now, future, and forever.”

Dangote also highlighted the potential returns for shareholders, pointing to the possibility of the refinery paying dividends in US dollars.

He said such dollar-denominated dividends could enable investors to cover expenses outside Nigeria.

“When, uh, they will end up having to say that yes, I’m waiting for that check for my dollar, uh, dividend to send for the school fees of my daughter in UK or anywhere in the part of the world,” he said.

The signed prospectus puts the value of the offer at approximately $1.6bn, while the IPO gives the refinery a valuation of about $49bn.

The offering is scheduled to open on September 14 and close on October 13.