Dangote refinery launches Africa's largest IPO, targets $23bn payout

Dangote Petroleum Refinery has opened what is being described as Africa's largest-ever initial public offering, seeking to raise $23 billion for its founder, Aliko Dangote. The Lagos-based refinery would carry a valuation of 65.22 trillion naira if the offer is fully subscribed, according to press reports.

The listing could push Dangote's personal fortune from an estimated $35 billion to roughly $60 billion, per those same reports. He is already listed as Africa's richest man.

Retail investors can join the offer with a minimum purchase of 10 shares priced at 5,250 naira each. The window closes on 13 October.

Nigerian fintech firms and banking platforms have been marketing the share sale directly to young Nigerians, a push aimed at widening participation beyond institutional buyers.

The refinery itself already processes 700,000 barrels of oil a day. Its opening in January 2024 turned Nigeria, once reliant on imported fuel despite its oil reserves, into a net exporter of refined petroleum products.

Dangote framed the listing in terms of continental ambition. "We, as Nigerians and Africans, must be bold and lead the change," he said.

Tony Elumelu called the offering "a landmark moment for Nigeria and a huge milestone for Africa."

Dangote is not stopping at Lagos. He plans a $17 billion energy facility in Lamu, Kenya, a project that would extend his industrial footprint well beyond Nigeria's borders.