Dangote: Refinery’s Initial Public Offer Set in 10 Days
• IEA: Nigeria could double energy investments in five years Emmanuel Addeh in Abuja The Initial Public Offer (IPO) of Nigeria’s Dangote refinery, the largest on the continent, will open
Aliko Dangote, Africa's richest man, revealed that the Initial Public Offer (IPO) of Dangote Refinery, the largest on the continent, will commence in the next 10 to 12 days. The refinery, capable of producing 1.4 million barrels of oil per day, aims to double its capacity. The IPO is anticipated to raise approximately $5 billion, potentially becoming the largest IPO in Africa.
Dangote disclosed that the secondary listing of Dangote Cement on the London Stock Exchange is likely to occur in October, broadening its international investor base. Additionally, Dangote is constructing a new refinery in Kenya in collaboration with local governments, a project projected to take up to three years and supply refined petroleum products to Kenya and neighboring countries.
Nigeria's admission as an associate member of the International Energy Agency (IEA) could lead to a doubling of energy investments within five years, according to Fatih Birol, IEA's chief. Birol emphasized that Nigeria's trustworthiness as a reliable energy supplier can attract both government and private investments in the oil, gas, and renewable energy sectors, particularly solar power.
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