Africa's biggest-ever share sale is underway, led by Nigerian billionaire Aliko Dangote. The offering provides the public an opportunity to buy into his massive oil refinery project, potentially raising up to KSh 271.83 billion (equivalent to $2.1 billion).
The initial public offering (IPO) involves approximately 3% of the Dangote refinery.
Dangote stated that his goal is to allow ordinary Nigerians to share in the success of this landmark project.
The refinery, which began production in 2024, ranks among the world's largest and took more than ten years to complete.
It now supplies over 70% of Nigeria's energy needs, sparking excitement among many Nigerians eager to own a stake.
The IPO runs for one month, with a minimum purchase of 10 shares, each costing about $4, which is approximately KSh 516.
Nigeria, Africa’s leading oil producer, previously relied heavily on imported fuel due to limited refining capacity—until the Dangote refinery.
Born in Kano and aged 67, Dangote has a net worth of about $3.42 trillion (KSh 441.93 billion), according to Forbes.
He initially amassed his wealth in cement and sugar before expanding his empire to 16 other African countries.
His company, Dangote Cement, is Africa’s largest cement producer.
The Lagos-based refinery was first announced in 2013 with an estimated cost of around $2.33 trillion (KSh 301.37 billion).
Construction began in 2017 but was delayed by the COVID-19 pandemic. The site, located in the Lekki Free Zone near Lagos, involved extensive land reclamation—moving 65 million cubic meters of sand.
With a processing capacity of 650,000 barrels per day, it ranks as the seventh-largest refinery globally. The funds raised from this share sale are aimed at doubling its capacity.