Dangote Refinery IPO Set for September 14, Aims for $1.5B

Aliko Dangote, Africa’s richest man, saw his wealth rise by $3.3 million on September 4, bringing his total net worth to $31.5 billion, as investors prepared for the initial public offering (IPO) of Dangote Petroleum Refinery, scheduled to open on September 14. The IPO is anticipated to be one of the largest in Nigeria's capital-market history, with a proposed offering of 4.1 billion ordinary shares priced at N525 each, potentially raising about N2.15 trillion (approximately $1.5 billion) if fully subscribed.

The funds will support the refinery's expansion from its current capacity of 700,000 barrels per day to 1.4 million barrels per day. The Securities and Exchange Commission has approved the offering, which includes a 15 percent greenshoe option if demand exceeds the base offer.

Dangote expressed his vision to double the refinery's capacity during a presentation to investors and analysts in Botswana.