Africa's richest man launches continent's biggest share sale
Summary
Nigerian billionaire Aliko Dangote has started the largest share sale in Africa by offering about 3% of his oil refinery to the public. The refinery, which began working in 2024, provides over 70% of Nigeria's energy and aims to raise up to $2.1 billion from this sale.Key Facts
- Aliko Dangote is Africa's richest man with a net worth of around $28 billion.
- The share sale is for roughly 3% of the Dangote oil refinery.
- The refinery is one of the largest worldwide, processing 650,000 barrels of oil daily.
- It supplies more than 70% of Nigeria’s energy needs.
- The initial public offering (IPO) could raise up to $2.1 billion.
- The minimum investment is about $4 for 10 shares.
- The refinery took over a decade and significant land work to complete.
- Experts advise new investors to be cautious and only buy through official institutions.
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