Dangote Refinery IPO to Raise $5 Billion in Days

Aliko Dangote, Africa’s richest man, announced that the initial public offering (IPO) for the Dangote Refinery will open within the next 10 to 12 days, aiming to raise approximately $5 billion. This IPO is part of broader expansion plans, including doubling the refinery's capacity to 1.4 million barrels per day and a secondary listing for Dangote Cement on the London Stock Exchange in October.

The Dangote Petroleum Refinery, located in the Lekki Free Zone near Lagos, Nigeria, is the largest single-train refinery globally, having reached full capacity of 650,000 barrels per day in February and tested output at 700,000 barrels per day. The Dangote Group plans to float 5 to 10 percent of the refinery’s total equity through the IPO, which is expected to be the largest equity market listing in African history.

The application for the IPO has been submitted to Nigeria’s Securities and Exchange Commission, which sees no major regulatory hurdles.