Dangote Refinery Launches Africa's Largest IPO for Nigerians

The Dangote Petroleum Refinery's initial public offering (IPO) is set to be the largest share sale in Africa's history, offering 4.1 billion new ordinary shares at N525 each, aiming to raise approximately N2.15 trillion. This "People's IPO" seeks to transform ordinary Nigerians from consumers of petroleum products into part-owners of the refinery, which is Africa's largest.

The minimum subscription of 10 shares requires an investment of N5,250, making it accessible to various demographics, including teachers, artisans, and students. The refinery's market capitalization is projected at about N65.22 trillion, and when combined with Dangote Cement and Dangote Sugar Refinery, could create a total equity cluster worth approximately N83.5 trillion on the Nigerian Exchange.

Aliko Dangote, President of Dangote Group, has committed to prioritizing small investors in the event of oversubscription, emphasizing the goal of creating millions of shareholders rather than merely raising capital. The offering represents only about 3.3 percent of the refinery's enlarged share capital.