Business
Nothing Is Impossible, Dangote To Harvard Scholars
Young entrepreneurs and scholars have been urged to rise above limitations and push their ambitions to help transform the world into a better place.
The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, gave the charge in Lagos last Wednesday when a delegation of Harvard Kennedy School scholars visited the Dangote Petroleum Refinery & Petrochemicals complex and Dangote Fertiliser Limited in Ibeju Lekki, Lagos.
Addressing the 50 scholars, representing 18 different nationalities from across the globe, Dangote emphasised the importance of being driven by ambition and a ‘can-do’ spirit, as exemplified by the Dangote Group in constructing the world’s largest single-train refinery.
He stressed that ambition should be paired with a desire to create a legacy and make an impact, not simply for profit.
ALSO READ: Okpebholo Stands With Tinubu On Rivers State
“Life is not worth living without ambition. In this life, nothing is impossible. Don’t allow fear to hold you back. Be knowledgeable about the business you want to pursue. I am not an engineer, but I don’t engage in any business I don’t understand,” he said.
Dangote, who spent over 40 minutes answering questions from the scholars, recalled being advised against building the refinery, as many argued that such mega projects were only feasible for sovereign nations, not individuals.
He shared that, during the COVID-19 pandemic, the company had to find ways to sustain the project.
He also noted that the ingenuity involved in constructing a world-class refinery, which meets global best practices, produces Euro V products, and is capable of processing over 100 different types of crude oil, has kept it running despite shortage of Nigerian crude oil.
Vice President, Oil & Gas, Dangote Group, Edwin Devakumar, explained that building the 650,000-barrel-per-day refinery was a monumental feat that required immense courage, vision, and determination.
He pointed out that the group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the project – a refinery with a capacity of 650,000 barrels per day – a feat that had never been attempted before.
“Our Group President has a plaque in his office that reads, ‘nothing is impossible.’ This is the mindset he instilled in us when faced with challenges. He does not accept impossibilities and always aims for excellence. This approach was the same when we revolutionised the cement industry in Nigeria. We turned the country from one of the largest importers of cement into a net exporter. Today, after decades of depending on imported refined products, we now have the capacity to meet all of Nigeria’s refined product demands, with surplus supplies of jet A1, gasoline, and diesel for export. Other products from the refinery include polypropylene, carbon black feedstock, and sulphur,” he said.
Devakumar highlighted the significant investments made to realise the project, including dredging 65 million cubic metres of sand to raise the height of the site by 1.5 metres to safeguard against potential sea level rises due to global warming. The group also procured 330 cranes and lifting equipment due to the lack of local capacity, built the world’s largest granite quarry to supply materials such as coarse aggregates, stone columns, and stone dust, and constructed the refinery on 250,000 piles – potentially the largest number ever used for a single project.
The scholars, who toured the magnificent complexes, were in awe and praised Dangote for his ambitious vision, which seeks to address global needs. They commended him as an inspiration and entrepreneurial genius, with many describing the visit to the refinery as the highlight of their tour, which also included stops in Ghana and Abuja.
Sheffy Kolade, leader of the Harvard Kennedy School student-led Nigeria-Ghana Trek and a global advisor for the Women for Prosperity project with the Atlantic Council’s Freedom and Prosperity Center, said that the Dangote Group symbolises Nigeria’s resilience and economic transformation.
“I want to start by saying that the Dangote Group is not just a business. It is a symbol of Nigeria’s resilience. It is a symbol of the bright future that lies ahead for us. It represents the extraordinary achievements possible when we put our minds to something. I am happy that we are here to witness the economic progress happening in Nigeria. We’ve seen the largest single-train refinery in the world, and we’ve visited a fertiliser plant that exports to South America and the US,” she said.
A social entrepreneur and a member of the Forbes Business Council, Kolade added, “From where we are standing, thousands of people earn their daily livelihood. This business has created numerous jobs and energy security for our country. It has reduced our reliance on imported petroleum products, and, of course, it is increasing our foreign reserves. I want to thank you, sir, for everything you’re doing for our country and for Africa. We appreciate it. It’s truly inspiring for us.”
On her team and their mission at the refinery, Kolade noted, “My team consists of 50 people from 18 different nationalities. We have people from nearly every continent. We are a blend of policy, business, sustainability, and development-minded individuals, most of whom are from the Harvard Kennedy School. There’s one from the Harvard Business School, one from Harvard Public Health, and others pursuing joint degrees with Harvard, Stanford, and MIT. We are all curious-minded people who value impact, sustainability, and progress.”
Another member of the team, Darrow Merton, a Foreign Service Officer with the United States, described Dangote’s vision and resilience as an inspiration to entrepreneurs. He praised Dangote for not only breaking barriers to build the refinery but also for his ability to provide innovative solutions in the face of adversity.
In a move perceived as an important milestone in the company’s journey to accelerate its Beyond XXX vision and drive the next phase of growth, innovation, and impact, Sahara has announced the appointment of Chidilim Menakaya as Managing Director.
Menakaya is a seasoned transformation and strategy executive, bringing more than two decades of leadership experience spanning Africa, Asia, Europe, and the Middle East.
Prior to her appointment, Menakaya served as Director of the Sahara Foundation, where she led the company’s sustainability and social impact agenda.
READ ALSO: Olaniwun Ajayi Weighs In on Dangote Refinery IPO
Under her leadership, the Foundation expanded the reach of Sahara’s EXTRApreneurship model, strengthened strategic partnerships, and deepened socio-economic impact across communities in the company’s locations.
Widely respected for her collaborative leadership style, strategic insight, and ability to build high-performing teams, she has consistently demonstrated a commitment to developing people, driving innovation, and delivering measurable outcomes.
Commenting on the appointment, Executive Director, Sahara, Ade Odunsi, said the decision reflects Sahara’s confidence in purposeful leadership and its commitment to building the future from within.
“For over three decades now we have remained committed to our vision of bringing energy to life responsibly. Beyond XXX represents our commitment to shaping the future through bold thinking, innovation, sustainability, and shared value creation. Chidilim’s appointment reflects these aspirations. We are confident that under her leadership, Sahara will continue to expand the frontiers of impact and create sustainable value for stakeholders across our markets.”
Odunsi noted that the appointment signals Sahara’s determination to build a resilient, future-focused enterprise capable of thriving in an increasingly dynamic global environment.
As Managing Director, Menakaya will provide strategic leadership for steering Sahara’s Beyond XXX agenda, enhancing stakeholder value, and positioning Sahara for continued growth and global relevance.
Menakaya holds executive and professional qualifications from leading global institutions, including London Business School, INSEAD, and Manchester Business School. She is also a certified Human Resources Business Partner, Transformation and Reputation Manager, and Prosci-certified Change Management Practitioner.
The Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO), has been described as an important precedent in the Nigerian capital market.
Sharing the view in a statement on Monday, Olaniwun Ajayi LP also expressed its pleasure at having advised on the IPO while acting as Joint Solicitor to the transaction.
According to a Forbes report on Monday, Africa’s richest man, Aliko Dangote, saw his fortune rise to $51.3 billion following the launch of the refinery’s highly anticipated IPO on the Nigerian Exchange (NGX), amid strong investor demand on the opening day.
READ ALSO: DPRP IPO: Dangote Rings Opening Bell at NGX
The transaction was brought to the market by a consortium of professional advisers, including Olaniwun Ajayi LP, which acted as the Joint Solicitors to the issue.
In that capacity, the firm advised Dangote Refinery on the legal aspects of the offer, from transaction structuring and regulatory engagement through to launch
According to the law firm, the transaction is expected to be the largest IPO in both Nigeria and Africa, marking the first public offer of shares by a Nigerian Free Zone Enterprise (NFZE) in Nigeria.
The law firm stated that the transaction matters beyond the deal as it “establishes an important precedent for capital raising by Free Zone Enterprises”, while contributing to the continued development of the Nigerian capital market.
It added that the proceeds are intended to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity.
The law firm stressed that the offer broadens public participation in one of Africa’s most significant industrial assets.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured investors that the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE presents a compelling opportunity for strong returns and sustainable wealth creation, positioning the offer as a chance for Nigerians and Africans to participate in one of the continent’s most significant industrial achievements.
Speaking during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote described the $1.6 billion offer as the largest IPO ever undertaken in Africa, underscoring the company’s commitment to broadening ownership and enabling millions of individuals to benefit from the value generated by a world-class industrial enterprise.
According to him, the refinery IPO is more than a capital raising exercise; it is an opportunity for investors to become part owners of a strategic asset that is already delivering strong operational and financial results.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy. By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote Refinery will continue to create for decades to come.”
READ ALSO: Saudi Pipeline Disruption Pushes Nigeria’s Crude Beyond $115/barrel
He emphasised that the offer reflects the Group’s long-standing philosophy of creating prosperity through broad ownership, enabling ordinary citizens to share in the success of transformational businesses
Dangote noted that the refinery has already fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated
The IPO has been structured to encourage broad participation, with 4.1 billion ordinary shares offered at N525 per share and a minimum subscription of just 10 shares valued at N5,250. The offer is expected to attract a diverse range of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds and members of the Nigerian diaspora.
Highlighting the refinery’s financial strength, Dangote disclosed that the company generated approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax reached N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.
At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22 trillion. Together with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.
Commenting on the significance of the transaction, NGX Group Chairman, Umaru Kwairanga, described the offer as a defining milestone for Africa’s capital markets and a demonstration of the capacity of African capital to finance large-scale projects capable of accelerating economic growth and development across the continent.
Similarly, Lagos State Governor, Babajide Sanwo-Olu, hailed the IPO as a watershed moment for Africa’s financial markets, noting that it reinforces confidence in the continent’s ability to mobilize capital and invest in its own future.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.
Also speaking, Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.
For his part, Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe and continues to maintain safe, reliable and efficient operations. He added that the company remains focused on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
Reaffirming the significance of the offer, Dangote said the IPO represents an opportunity for investors to move from consumers to owners and participate in the long-term growth of one of Africa’s most strategic industrial enterprises.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” he said.
Photo Caption: L-R: Ooni of Ife, Adeyeye Enitan Ogunwusi; Managing Director, Coronation Asset Management Limited, Aigbovbioise Aig-Imoukhuede; Group Chairman, NGX Group, Dr Umaru Kwairanga; President/CE, Dangote Industries Limited, Aliko Dangote; Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola; Lagos Governor, Babajide Sawo-Olu; Group Executive Director, Commercial Operations, Oil & Gas, Fertiliser and WAEP, Fatima Aliko-Dangote, at the Dangote Petroleum Refinery & Petrochemicals Initial Public Offering (IPO) Facts Behind the Figure presentation at the Nigerian Exchange (NGX), Lagos on Monday, September 14, 2026.
DPRP to Favour Small Investors in Event of IPO Oversubscription
Sahara Appoints Menakaya as Managing Director
Olaniwun Ajayi Weighs In on Dangote Refinery IPO
Isa Chairs World Energy Council Nigeria
Dangote Refinery IPO: Why Nigerians Are Being Urged to Own a Stake in Oil Business — Madaki Ameh
2027: ‘Let Tinubu Finish the Good Work’ — Oba of Benin Backs President
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
