Nigeria's Dangote refinery kicks off blockbuster IPO
Nigerian billionaire Aliko Dangote launched the biggest-ever share sale on the African continent, listing 4.1 billion shares in his Lagos refinery on the stock exchange. He framed it as a "people's IPO" to give all Nigerians a chance to share the plant's wealth potentials. Trading is expected to start in November. Meanwhile, global oil prices continued to advance as attacks by Yemen's Houthi…
Aliko Dangote, Africa's richest man, has launched the largest initial public offering (IPO) on the African continent. His company, Dangote Petroleum Refinery and Petrochemicals, is offering 4.1 billion shares at N525 each, valued at N2.15 trillion. According to Nairametrics, the IPO opened on September 14 and is scheduled to close on October 13.
The Dangote Refinery, which began operations in 2024, has a nameplate capacity of 650,000 barrels per day and supplies more than 70% of Nigeria's energy consumption. Aliko Dangote described the IPO as a "people's IPO," aiming to give ordinary Nigerians a chance to share in the plant's success. The minimum purchase is 10 shares, costing about N5,250.
Trading of the shares is expected to start in November. The IPO has generated strong investor demand, with some investment platforms experiencing disruptions due to the high traffic. Aliko Dangote's fortune has risen to $51.3 billion, according to Forbes. He has outlined plans to expand the refinery's capacity to 1.4 million barrels per day.
Brief written by urgent.news from France 24 Business, Nairametrics, Adom Online, Daily Post Nigeria, Premium Times — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.