Business
Dangote Refinery Launches Africa’s Biggest-Ever IPO
Dangote refinery IPO opens to investors, aiming to raise $1.6 billion and attract 10 million African shareholders.
Shares in Dangote Petroleum Refinery and Petrochemicals, Africa’s largest oil refinery, began trading Monday in what is expected to be the continent’s largest initial public offering (IPO) to date.
Owner Aliko Dangote, Africa’s richest man, aims to attract up to 10 million shareholders and raise roughly US$1.6 billion. Shares are priced at just US$0.38 each, with a minimum purchase of 10 shares, a structure Dangote has framed as a way to democratize wealth from the venture. “We want to spread this enjoyment to the rest of Africa,” he said, predicting shares could eventually rise nineteenfold, though he offered no timeline.
The refinery, located outside Lagos, opened in 2024 and ranks among the world’s largest single-train facilities. Proceeds from the offering will help fund an expansion intended to make it the world’s largest refinery by 2028.
