Aliko Dangote, Africa’s richest man, has launched the initial public offering (IPO) of his Dangote Petroleum Refinery and Petrochemicals, aiming to attract 10 million shareholders across the continent. The IPO, which began on September 14, offers shares at N525 each, with plans to list on the Nigerian Stock Exchange. Dangote, who led the sign-off ceremony in Lagos, emphasized the IPO as a milestone for Nigeria and Africa, highlighting the refinery’s potential to become the world’s largest by 2028.
The refinery, capable of processing 700,000 barrels of oil per day, is set to begin its public offering with a minimum subscription of $1.6 billion. Dangote has also added $3.3 million to the IPO, bringing the total to over $3.3 billion, as the project nears completion. The IPO is expected to run until October 13, with the refinery’s shares offering investors a stake in one of Africa’s most ambitious industrial projects.
The IPO marks a significant step in Dangote’s vision to expand Nigeria’s energy sector and position the country as a regional leader in oil refining. The project has attracted international attention, with the refinery already under construction and set to become a key player in global energy markets. As the IPO progresses, the focus remains on securing broad shareholder support and ensuring the refinery’s operational success by 2028.
