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Dangote jokes about shareholder memes by Nigerians, fixes fertilizer company IPO for 2028
President and chief executive of Dangote Industries Limited, Aliko Dangote, has joked about the social media memes by Nigerians telling him to convey a “board meeting”.
He acknowledged the social media memes during an interview at the Qatar Economic Forum on Sunday, while discussing plans to bring more investors into the group, and also confirming the group’s plans to make its fertiliser business public in 2028.
Dangote had said that the Initial Public Offering (IPO) of the Dangote Petroleum Refinery would provide ordinary Nigerians the opportunity to buy shares in the facility during the IPO signing ceremony in Lagos on September 7, 2026.
The official application said the IPO would open on September 14 and close October 9 2026, as the refinery would be offering 4.1 billion ordinary shares of $0.000013 each for subscription at ₦525.00 per share.
Investors could participate with a minimum subscription of 100 ordinary shares (valued at ₦52,500), and in multiples of 50 shares thereafter.
Dangote during the interview in Qatar, joked about the new shareholders calling for a board meeting.
“You must have seen that they’ve been calling me now for a board meeting,” Dangote said.
There have been wave of memes and humorous social media posts following the ongoing IPO of the Dangote Refinery.
Even those with minimum shares had taken to social media, calling themselves co-owners of the refinery and colleagues of Dangote, who is currently Africa’s richest man.
Some Nigerians have made jocular claims of being “chief investment officer” and “co-founder and partner,” with the “board meeting” joke appearing repeatedly on online conversations.
Speaking about the possibility of having more shareholders, Dangote stated: “No, we have actually everything we do by ourselves. We don’t have partners. But that’s why we are now looking for all these massive number of people to now become our partners.”
Speaking on an IPO for the group’s fertiliser business, Dangote confirmed that the company would also be listed.
He said, “Oh, yeah, yeah. I mean, we will IPO it. It’s going to be the biggest fertilizer company on earth.”
“Yes, it will be 2028,” he added, while speaking on the timeline.
Dangote Fertiliser operates a $2.5bn fertiliser plant in Ibeju-Lekki, Lagos, producing about three million tonnes of urea annually, with plans to expand production capacity to about 12 million tonnes yearly by 2028.
It also plans to expand its Nigerian operations and proposes a plant in Ethiopia, an expansion attempt meant to position the fertiliser company among the world’s largest producers of urea.
