Nigerian billionaire Aliko Dangote on Monday 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.
The offer of 4.1 billion ordinary shares at 525 naira each opened at 9.00 am.
The offer closes on Oct. 13. Shares are expected to begin trading on the Nigerian Exchange in November.
If fully subscribed, it would raise 2.15 trillion naira ($1.6 billion), though that could rise to roughly $2.1 billion if the offer is oversubscribed and the company decides to use a greenshoe option to issue more shares.
Built at a cost of about $20 billion 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 benefited financially from supply disruptions linked to the Iran war, which increased demand for Dangote’s jet fuel across Africa and in Europe.
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