Nigeria: Africa's largest oil refinery starts record IPO
The stock market listing of the Nigerian refinery could set a record in Africa with $1.6 billion. But its high valuation is also causing criticism.
Aliko Dangote, Africa's richest man, is selling shares worth $1.6 billion in his Nigerian oil refinery, Dangote Refinery in Lagos, to private investors in Africa. The shares are priced at 5,250 Naira, with a minimum purchase of 10 shares. The refinery, which started operations in 2024, has a capacity of 650,000 barrels per day and has made Nigeria an exporter of refined oil products.
The initial public offering is expected to be the largest in African history, with Dangote retaining 87% of the shares. The refinery's valuation is around $16.1 billion, with plans to increase capacity to 1.4 million barrels per day.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
