Africa’s richest man aiming to make $23bn from continent’s biggest-ever IPO
Summary
Aliko Dangote, Africa’s richest man, is expected to increase his wealth by $23 billion through the largest initial public offering (IPO) ever on the continent. His Dangote Petroleum Refinery in Nigeria has gone public, aiming to attract many investors and boost economic growth.Key Facts
- Dangote Petroleum Refinery and Petrochemicals had Africa’s biggest IPO on the Nigerian exchange.
- The refinery’s listing could raise Dangote’s net worth from $35 billion to about $60 billion.
- The IPO targets both big investors and everyday people, with a low minimum purchase of 10 shares costing roughly £2.94.
- If fully subscribed, the refinery’s value will reach about 65.22 trillion naira (£36.5 billion).
- Dangote’s refinery in Lagos, opened in January 2024, can process 700,000 barrels of oil daily, making Nigeria a net exporter of refined fuel.
- Prior to this refinery, Nigeria exported crude oil but imported refined fuel, costing the country subsidies to keep fuel prices low.
- Dangote plans to invest profits from the refinery to grow industries and reduce Africa’s dependence on imported goods.
- He aims to build a $100 billion industrial business, including another large energy project in Kenya to improve regional energy supply.
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