Africa’s richest man eyes continent’s largest IPO
Dangote Petroleum Refinery & Petrochemicals will offer shares at 525 naira each, with investors able to buy as few as 10 shares, potentially raising 2.15 trillion naira (US$1.6 billion).
The Dangote Group's CEO, Aliko Dangote, is set to launch Africa's largest Initial Public Offering (IPO) next week, aiming to raise $1.6 billion for his Nigerian oil refinery. This project will offer ordinary Nigerians and Africans the opportunity to become shareholders, with investors able to purchase as few as 10 shares for 525 naira each.
Dangote Petroleum Refinery & Petrochemicals, which is one of the world's largest single-train refineries, will seek to raise up to 10 million shareholders across the continent. Dangote's broader objective is to give ordinary Africans a stake in the refinery, making it a long-term asset for the people. The IPO, which closes on October 13, is expected to be the biggest in African history, with plans to expand the refinery's capacity in Nigeria by 2028 and into other African countries such as Ethiopia, Kenya, Tanzania, and Namibia.
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