Nigeria's Dangote bills refinery IPO as chance for ordinary Africans to buy in

Shares in Africa’s largest oil refinery went on sale on Monday with the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The sale is expected to be the continent’s biggest ever IPO. Owner Aliko Dangote is looking to attract up to 10 million shareholders across Africa and raise some $1.6 billion.

Investors can buy as few as 10 shares at just $0.38 each and Dangote - Africa’s richest man - has billed the event as an opportunity for ordinary people to buy in.

"We are creating big corporations where we don't want to be the only people enjoying. We want to spread this enjoyment to the rest of Africa," Dangote has said.

He’s also predicted that shares could rise nineteenfold, without giving a time frame.

The refinery opened outside Lagos in 2024. It’s one of the world's largest single-train refineries and has become a major part of Dangote's empire.

Part of the money raised by the IPO will fund an expansion of the refinery, expected to make it the world’s largest by 2028.