Nigerian billionaire Aliko Dangote has launched the continent’s largest initial public offering (IPO) with his Dangote Petroleum Refinery and Petrochemicals. The share sale, which opened on Monday, offers 4.1 billion ordinary shares priced at 525 naira each. The IPO, expected to raise up to $2.1 billion, marks a historic step in Africa’s financial markets.
The offering, available to retail investors, aims to expand the refinery’s operations and increase capital access for everyday citizens. If fully subscribed, the IPO could generate 2.15 trillion naira, equivalent to approximately $1.6 billion. Additional shares may push the total to around $2.1 billion. The shares are available for purchase from September 14, with a closing date set for October 13.
Dangote, Africa’s richest individual, described the IPO as an opportunity for ordinary Africans to invest in the continent’s largest oil refinery. The offering reflects growing confidence in Nigeria’s economic potential and the expansion of capital markets across Africa.
The IPO is expected to position the Dangote Refinery as one of the largest companies in Africa by year-end, according to reports. This milestone underscores the increasing role of private sector investment in driving infrastructure and economic growth on the continent.
