Africa's richest man launches continent's biggest share sale

Nigerian billionaire Aliko Dangote has launched Africa's largest share sale, offering approximately 3% of his oil refinery to the public. This initial public offering (IPO) aims to raise up to $2.1 billion and allows ordinary Nigerians to invest in the massive refinery, which began production in 2024 and is one of the world's largest. Dangote stated his desire for the public to share in the plant's success. The IPO, which lasts for one month, has generated excitement among Nigerians, with some individuals investing their savings. The minimum purchase is 10 shares, costing around $4. This event is considered historic by economy and business experts.

Africa's richest man, Aliko Dangote, is aiming to raise $23 billion from the initial public offering (IPO) of his Nigerian oil refinery business, Dangote Petroleum Refinery and Petrochemicals. This public offering, which began on September 7th on the Nigerian exchange, is described as the continent's biggest-ever IPO. If fully subscribed, the IPO could increase Dangote's net worth by two-thirds, potentially reaching nearly $60 billion. The offering is designed to attract both institutional and retail investors, with a minimum subscription of 10 shares. Dangote intends to use profits from the refinery to foster continental growth and reduce Africa's dependence on foreign goods.