Nigerian billionaire Aliko Dangote on Monday launched what is slated as Africa's biggest initial public offering (IPO), which aims to raise $1.6 billion to expand his mega oil refinery to become the world's largest.
The Lagos-based refinery, which began operations in 2024, has a capacity of 700,000 barrels per day, exceeding domestic demand in Nigeria, Africa's most populous country.
It began exporting its fuel abroad a few months ago.
The Dangote Petroleum Refinery aims to raise funds to double its capacity to 1.4 million barrels a day by 2028, which would make it the world's largest refinery, surpassing Jamnagar in India.
Describing it as an "historic day", Dangote said in a statement that the IPO was "not simply about listing a company. It is about listing a new possibility for Nigeria, and for Africa".
Investors can buy as few as 10 shares at 525 naira each, potentially raising 2.15 trillion naira ($1.6 billion) in a move Dangote hopes will give ordinary people a chance for a stake in a long-term asset.
He has said the offering, which closes October 13, will be the biggest IPO in African history and has encouraged participation by small investors, including people on lower incomes.
Dangote also plans to build a 700,000 barrel-per-day east African oil refinery in Lamu, on the Kenyan coast.
Latest stories
Monde Trump veut empêcher CNN et d'autres médias de venir à la Maison Blanche
Donald Trump, intensifiant de manière spectaculaire sa guerre contre les médias, a annoncé vendredi interdire l'accès à la Maison Blanche aux chaînes de télévision CNN et MSNOW (anciennement MSNBC) ainsi qu'au...
Economie/Finances Wall Street termine en ordre dispersé, entre Fed et taux élevés
La Bourse de New York a clôturé sans orientation claire vendredi, écartelée entre le crédit renouvelé des marchés à la stratégie de la Réservé fédérale (Fed) pour freiner l'inflation et...
La Une Nouveau bilan d'une attaque jihadiste au Mali: au moins 100 militaires tués (sources concordantes)
Au moins 100 militaires maliens et cinq paramilitaires russes d'Africa Corps ont été tués le 10 septembre lors d'une attaque jihadiste d'ampleur contre le camp militaire de Dioura (centre), selon des sources militaire, sécuritaire et...