I want to start having AGMs in stadium, Dangote explains IPO democratisation
By Eberechi Obinagwam
Africa’s richest man, Aliko Dangote, has explained his decision to democratise the Initial Public Offering (IPO) process, saying he hopes to hold his Annual General Meetings (AGMs) in stadiums rather than small halls because of the growing number of his shareholders.
Dangote said the move was driven by his desire to give more Nigerians, including those with limited financial resources, an opportunity to own shares in his businesses.
He spoke on the first day of the 25th anniversary annual conference of Women in Management, Business and Public Service (WIMBIZ), held at Eko Hotels and Suites, Lagos on Thursday.
Dangote, who delivered the keynote address at the conference themed, “Rooted, Rising, Ready: Born in Africa, Built for the World,” said he derives satisfaction from allowing people to invest according to their financial capacity.
“Even if one person is collecting only $10 or $15 worth of shares, that is his own size, and it gives me joy. That small money together becomes billions,” he said.
He explained that the collective contributions of small investors could amount to significant capital, making wider participation in the capital market beneficial to businesses and the economy.
