Africa’s richest man aiming to make $23bn from continent’s biggest-ever IPO
Public offering of Aliko Dangote’s Nigerian oil refinery business could swell his net wealth by two thirds The fortune of Africa’s richest person could swell by two thirds to nearly $60bn (£44bn) after his refinery in Nigeria listed publicly in the continent’s biggest-ever initial public offering. If Monday’s flotation of Dangote Petroleum Refinery and Petrochemicals goes to plan, then Aliko…
Africa's wealthiest individual, Aliko Dangote, is set to make an estimated $23 billion from the continent's largest-ever initial public offering (IPO). The IPO, for Nigeria's Dangote Petroleum Refinery and Petrochemicals, could potentially double Dangote's net worth to nearly $60 billion. If the IPO is fully subscribed, the refinery's value would surge to approximately $36.5 billion.
Dangote, 69, aims to attract a diverse range of investors through a minimum subscription of just 10 shares at 5,250 naira ($2.94). The IPO, positioned as "an IPO for the people," seeks to generate wealth and spur economic growth across the continent. Dangote, who has financed multiple Nigerian presidential campaigns, has framed the offering as a means to build wealth, create jobs, and produce locally.
He has vowed to invest profits from the refinery to spur Africa's economic development and reduce reliance on foreign goods.
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