Dangote aims for 1.5B from refinery

Dangote Group of Nigeria plans to raise approximately $1.5 billion through an initial public offering (IPO) of its refining unit, which could become the largest share offering in African history. Around 4.1 billion shares will be listed at a price of about 525 naira per share, with the possibility of increasing the offering size by up to 15% if demand exceeds expectations. The funding aims to expand the capacity of Dangote Refinery, located near Lagos, from about 650,000 barrels per day to approximately 1.4 million barrels per day. This expansion will strengthen its position as one of the continent’s largest industrial projects, with a $20 billion investment, producing petroleum products for African and European markets. The move seeks to attract investors from across Africa as part of a strategy to broaden the project’s ownership base and enhance its role as a regional hub in Africa’s energy market.

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