Dangote’s fortune climbs by $1bn after refinery IPO announcement, net worth hits $32.5bn

Nigeria's securities regulator has granted approval for the Dangote Refinery to launch an initial public offering (IPO) on the Lagos stock exchange. The refinery, Africa's largest oil plant with a capacity of 700,000 barrels per day, aims to raise approximately $1.6 billion through the IPO. This significant fundraising effort follows a year-long anticipation period and is expected to mark a landmark moment for Nigeria's capital markets.

Situated in a free trade zone outside Lagos, the Dangote Refinery, which opened two years ago, serves as the primary supplier of fuels to the Nigerian market and exports jet fuel to Europe. The IPO is part of a broader $5 billion fundraising campaign, with the company having already secured half of the funds through a private placement.

The Dangote Group is also considering listing its cement subsidiary on the London stock exchange and is currently in the early stages of planning another refinery project in Kenya. Additionally, Abu Dhabi National Oil Company is reportedly in discussions to acquire a stake in the group's refineries, as reported by Bloomberg.