Dangote Refinery IPO Set to Open in 12 Days

Aliko Dangote, President of Dangote Industries Limited, announced that the initial public offering (IPO) for the Dangote refinery will open within the next 10 to 12 days. This IPO is expected to raise approximately $5 billion and could become the largest public offering on the African continent.

The Dangote refinery, located in Lagos, is Africa's largest and achieved its full designed capacity of 650,000 barrels per day in February, with output now exceeding 700,000 barrels per day during tests. Dangote expressed ambitions to double the refinery's capacity to 1.4 million barrels per day.

Additionally, during his visit to Botswana, he mentioned plans for a secondary listing of Dangote Cement on the London Stock Exchange, anticipated in October, and confirmed the construction of a new refinery on Kenya's coast, which aims to supply refined fuel to Kenya and neighboring countries, reducing reliance on imports. This new project is expected to take up to three years to complete.