Nigerian billionaire Aliko Dangote launched the initial public offering (IPO) of his oil refinery, marking Africa’s largest share sale. The offering opened on Monday with 4.1 billion shares priced at 525 naira each, aiming to raise up to $2.1 billion. Investors across Nigeria scrambled to participate, causing technical issues on Bamboo, a digital investment platform.
The IPO, one of 40 approved platforms, saw a surge in activity as retail investors sought to own shares in the refinery. The offering will close on October 13, with the potential to raise up to $2.72 billion if additional shares are issued. Dangote’s refinery is a key part of Nigeria’s energy sector, and the IPO reflects broader efforts to modernize and expand the country’s oil industry.
The rush highlights growing interest in Nigerian markets, despite challenges such as economic instability and inflation. Bamboo, which experienced disruptions, is one of several platforms facilitating the subscription process. The IPO could set a precedent for future listings in Africa, showcasing Nigeria’s evolving financial landscape.
The deal underscores Dangote’s influence in the region, as he continues to expand his business empire through strategic investments and public offerings.
