Dangote refinery to seek $1.6bn in Africa IPO

Aliko Dangote plans to launch an initial public offering for his Nigerian oil refinery on September 14, seeking to raise 2.15 trillion naira, or $1.6 billion.

Dangote Petroleum Refinery & Petrochemicals will offer investors the chance to buy as few as 10 shares at 525 naira each. The offering is due to close on October 13 and aims to attract up to 10 million shareholders across Africa.

Dangote, described by AFP as Africa's richest man, said at an event in Lagos on Monday that raising money was only part of the plan. He said he wanted ordinary Nigerians and Africans to own a stake in the refinery.

Dangote estimates the share sale will be the biggest IPO in African history.

The refinery, located outside Lagos, began operations in 2024. It is one of the world's largest single-train refineries and is part of a business group that spans cement, sugar and fertiliser production.

Part of the money raised will fund further expansion. Dangote also plans to expand the business into Ethiopia, Kenya, Tanzania and Namibia.

David Bird, chief executive of Dangote Petroleum Refinery & Petrochemicals, said the company wanted retail investors to play a central role in the offering.