Dangote's Grandson Not Ready to Join Family Business

The head of Dangote Industries Limited, Aliko Dangote, shared that his first grandson is not ready to work in the family business right now. He prefers to explore a different career path for the time being.

Mr Dangote spoke about this on Tuesday in Nairobi. He met with Kenyan and other East African investors as part of the events surrounding the ongoing IPO of Dangote Petroleum Refinery and Petrochemicals FZE.

He mentioned that his grandson, who is an electrical engineer, wants to get more experience with big global companies before joining the Dangote Group.

"And my first grandson, he’s not finding it interesting to work with me for now. He wants to go and get experience with KPMG or PWC," he said.

"Then after he’ll come and join us. He’s an electrical engineer, but he wants to go and learn about money first," he added.

This month, Dangote Petroleum Refinery launched a public share sale. It is called the largest IPO ever in Africa. The company is offering 4.1 billion ordinary shares at N525 each. Investors need to buy a minimum of 10 shares to take part, aiming to raise $1.6 billion (N2.2 trillion).

The money from this sale will help fund the next phase of the refinery's growth. The plan is to double its processing capacity to 1.4 billion barrels per day by 2030. This facility is located on the outskirts of Lagos.

There is also another refinery being planned in Lamu, Kenya. This one will be able to process 700,000 barrels of crude oil daily. It is expected to meet the energy needs of the East African region.