Dangote launches Africa’s largest share sale

Nigerian billionaire Aliko Dangote today launched Africa’s largest share sale yet with the initial public offering of his oil refinery, opening up ownership of the plant to retail investors and raising money for its expansion. He is offering 4.1bn ordinary shares, reports CNBC Africa. If fully subscribed, it would raise 2.15trn naira ($1.6bn), though that could rise to roughly $2.1bn if the offer is oversubscribed and the company decides to use a greenshoe option to issue more shares. Built at a cost of about $20bn on the outskirts of Lagos, the refinery has reshaped Nigeria’s fuel market since it started operations in 2024. It supplies most of Nigeria’s domestically produced gasoline and has benefitted financially from supply disruptions linked to the Iran war, which increased demand for Dangote’s jet fuel across Africa and in Europe. Africa’s richest man has marketed the offer to ordinary Nigerians, who can participate by buying as few as 10 shares through fintech and other digital investment platforms. Dangote has said he expected interest in the IPO to mirror a private placement in July that was 3.7 times oversubscribed.