Aliko Dangote launches major IPO to expand oil refinery

Nigerian billionaire Aliko Dangote has closed an initial public offering (IPO) aimed at expanding his flagship oil refinery in Lagos. The offering, which Dangote referred to as ‘the people’s IPO,’ was designed to encourage broad participation across Africa by setting a low minimum investment of $4 for 10 shares.

While the offering had already exceeded its target by three to four times, the application deadline was extended to facilitate wider access for low-income earners. Proceeds from the sale are intended to fund the expansion of the refinery, with the goal of doubling its current 700,000-barrel-per-day capacity to create one of the largest facilities in the world.

Dangote, whose fortune is estimated between $35.7 billion and $51.3 billion, aims to bolster African self-sufficiency in fuel production. He has expressed a vision for the continent to reduce its reliance on fuel imports by 2030 through increased industrial capacity.