Nigerian oil refinery Dangote launches IPO
<p>Lagos, Nigeria: Nigerian billionaire Aliko Dangote yesterday launched what is slated as Africa’s biggest initial public offering (IPO), which aims to raise $1.6bn to expand his mega oil refinery to become the world’s largest.</p> <p>The Lagos-based refinery, which began operations in 2024, has a capacity of 700,000 barrels per day, exceeding domestic demand in Nigeria, Africa’s most populous…
Lagos, Nigeria witnessed the launch of what is set to be Africa's largest initial public offering (IPO) by Nigerian billionaire Aliko Dangote. The IPO aims to raise $1.6 billion to expand Dangote's massive oil refinery to become the world's largest.
The Lagos-based refinery started operations in 2024 and has a capacity of 700,000 barrels per day, surpassing domestic demand in Nigeria, Africa's most populous country. The refinery had already begun exporting fuel abroad a few months ago.
Dangote Petroleum Refinery's goal is to double its capacity to 1.4 million barrels a day by 2028, making it the world's largest refinery and surpassing Jamnagar in India. Dangote described the IPO as "an historic day," stating it's not merely about listing a company, but a new opportunity for Nigeria and Africa.
Investors can purchase as few as 10 shares at 525 naira each, with the potential to raise 2.15 trillion naira ($1.6 billion) in the offering. Dangote hopes this will provide ordinary people with a chance to own a stake in a long-term asset. The offering closes on October 13 and is expected to be the biggest IPO in African history.
In addition to the expansion in Lagos, Dangote plans to build a 700,000 barrel-per-day east African oil refinery in Lamu, on the Kenyan coast.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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