By Peace Udugba — The Daily Torch Media
The Vice President, Oil and Gas, Dangote Industries Limited, Edwin Devakumar, has described the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery as an opportunity for investors to participate in one of Africa’s major industrial projects.
Devakumar said the refinery’s operational performance, growing market presence and long-term demand outlook could support value creation for shareholders.
He said the refinery had begun making profits and was established to reduce Nigeria’s dependence on imported refined petroleum products, strengthen energy security, conserve foreign exchange and position the country as an exporter of petroleum products.
According to him, the refinery’s large-scale production capacity, deep-water port, logistics network and integrated operations give it competitive advantages in the African energy market.
“The Dangote Refinery is one of the most significant industrial investments ever undertaken on the African continent,” Devakumar said, adding that the IPO would also broaden ownership of the strategic asset among Nigerians and other investors.
He said proceeds from the offering would support the refinery’s growth plans, operational optimisation, expansion projects, working capital and strategic investments across the petroleum value chain.
Devakumar also highlighted the refinery’s ability to process different crude grades and produce petrol, diesel, aviation fuel, liquefied petroleum gas and petrochemical feedstocks as factors that could strengthen its revenue base.
He assured prospective investors that the company would maintain high standards of corporate governance, transparency and financial discipline, particularly after the shares are listed.
“Investors will benefit from regular financial disclosures, strict governance standards, and a management team focused on driving sustainable growth and profitability,” he said.
Devakumar expressed confidence that the refinery’s expanding export activities and strategic role in Africa’s energy sector would continue to support investor interest.
He said the company expects investors who subscribe to the offer to benefit from the refinery’s long-term growth and value creation.
