Nigerian billionaire leads Africa's largest IPO for oil refinery

Nigerian billionaire Aliko Dangote has launched Africa’s largest initial public offering (IPO) by selling shares in his oil refinery, aiming to raise approximately $1.6 billion from individual and institutional investors. This move is intended to fund the refinery’s expansion and boost its production capacity. The offering involves 4.1 billion shares priced at 525 Naira each and is ongoing until October 13, with the potential to raise up to around $2.1 billion if demand exceeds company expectations. The refinery, which began operations in 2024 with a capacity of 700,000 barrels per day, is currently serving the domestic fuel market amid global supply disruptions. It plans to double its capacity to 1.4 million barrels daily by 2029 to increase production and expand into petrochemical products. The project is valued at approximately $47 billion.

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