Aliko Dangote, Africa’s richest man, signed registration documents on September 7 in Lagos for the initial public offering of Dangote Petroleum Refinery & Petrochemicals FZE. The offering aims to raise approximately 2.15 trillion nairas, equivalent to $1.63 billion, through the sale of 4.1 billion ordinary shares at 525 nairas each, with a 15% greenshoe option. The refinery, which cost approximately $20 billion to build and is valued between $39 and $47 billion, was processing 650,000 barrels per day in 2024. Proceeds from the IPO will fund a doubling of capacity to 1.4 million barrels per day. No international listing is planned for at least three years, concentrating early liquidity on the Nigerian market.
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