Africa’s richest man said his refinery’s much-anticipated IPO would launch soon, a move that could mark a step-change for the continent’s financial and energy markets.
Aliko Dangote said the firm would seek to raise $5 billion, potentially making it Africa’s biggest-ever public offering. The cash will help the Nigerian refinery more than double its production — already the largest on the continent — to around 1.4% of global capacity.
The move is also expected to attract more funds into the country’s energy sector: The International Energy Agency head said the country could double its investment in five years as nations seek trustworthy partners after the fallout of the Iran war. Another Dangote-backed megarefinery is in the works in Kenya.