VIDEO: I don’t want to be called the richest man in Africa — Dangote

Nigerian entrepreneur Aliko Dangote inaugurated Africa's largest share sale, aiming to offer shares in his oil refinery to the public. The Initial Public Offering (IPO) could generate up to $2.1bn, representing approximately 3% of the Dangote refinery's shares. Dangote, a 67-year-old billionaire with an estimated net worth of $28bn, seeks to provide ordinary Nigerians an opportunity to benefit from the refinery's success.

The refinery, the largest in the world, commenced operations in 2024 and supplies more than 70% of Nigeria's energy consumption. It took over a decade to complete, with construction beginning in 2017, delayed by the COVID-19 pandemic.

The Lekki Free Zone, located near Lagos, required substantial land reclamation, involving the removal of 65 million cubic meters of sand. The refinery boasts a processing capacity of 650,000 barrels per day, ranking as the seventh-largest globally. The funds raised through the share sale will be utilized to double the refinery's capacity.

Potential investors, such as Isah Salisu, have responded positively to the prospect. Salisu, who withdrew 50,000 naira (£28; $37) from his savings, expressed hope that his initial investment would grow significantly. However, Dr. Abdulrazak Ibrahim Fagge, an economy and business expert, cautioned that the share price could decrease, potentially leading to losses for investors.

He advised that individuals should only invest funds they could afford to lose for several years. Fagge also warned of potential scams targeting those unfamiliar with the process, urging people to transact only with listed institutions.

Dangote, who was born in Kano, has made his fortune in various sectors, including cement and sugar, before expanding internationally. Nigeria is Africa's largest oil producer, but the country relied on imports due to insufficient refining capacity. The Dangote refinery now addresses this challenge, making Nigeria self-sufficient in energy production.