Nigerian oil refinery launches possible largest IPO in Africa
LAGOS — Nigerian billionaire Aliko Dangote on Monday launched what is slated as Africa's biggest initial public offering (IPO), which aims to raise US$1.6 billion to expand his mega oil refinery to become the world's largest.
LAGOS — Nigerian billionaire Aliko Dangote inaugurated what is expected to be Africa's largest initial public offering (IPO) on Monday, aiming to raise US$1.6 billion for expanding his vast oil refinery to become the world's biggest. The Lagos-based refinery, operational since 2024, boasts a capacity of 700,000 barrels per day, surpassing Nigeria's domestic demand and recently initiating exports to other African nations.
The Dangote Petroleum Refinery plans to double its capacity to 1.4 million barrels a day by 2028, potentially becoming the largest refinery globally, surpassing the Jamnagar refinery in India. Dangote emphasized that the IPO transcends mere company listing; it symbolizes a new opportunity for Nigeria and Africa. Investors can acquire as few as 10 shares at 525 naira each, potentially generating 2.15 trillion naira ($1.6 billion) in a move Dangote hopes will enable ordinary people to own a stake in a long-term asset.
The offering, slated to close on October 13, has been described as "historic" and is expected to be the largest IPO in African history. Dangote also intends to construct a 700,000 barrel-per-day refinery in Lamu, Kenya, along the East African coast.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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