Aliko Dangote opens Nigerian oil refinery to public ownership in $1.6B IPO

Aliko Dangote, Africa's richest man, is opening a portion of his refinery to public ownership in Africa's biggest initial public offering. The IPO aims to raise $1.6 billion from retail investors across the continent. Despite offering 4.1 billion shares, Dangote will retain around 87% ownership. The refinery's post-IPO valuation is $49 billion, more than twice its construction cost.

The refinery, based in Lagos, began production in 2024, transforming Nigeria from an importer to a net exporter of oil. Some critics question the valuation and ownership retention, but excitement among investors is high.

Read the original report at Apnews.