Africa's richest man is riding a wave of success. Now he's launching the continent's biggest stock market listing to date.
Aliko Dangote has turned Nigeria's economy around with a huge refinery. Now he's taking the project public - and says it's an initial public offering "for the people".
Aliko Dangote, Africa's richest person with a $35 billion fortune, has launched the continent's largest initial public offering (IPO) for his oil refinery. The IPO aims to raise at least $1.6 billion, potentially up to $5 billion, by selling shares in his refinery, which has revolutionized Nigeria's economy by making the country a net exporter of gasoline.
The refinery, which cost $20 billion to build and started operations in 2024, is expected to be expanded to become the world's largest refinery by 2029. Dangote plans to use the funds raised to further expand the refinery and invest in other projects, including a second mega-refinery in Kenya and a fertilizer plant in Ethiopia.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
