Aliko Dangote has set a target valuation of $50 billion for his refinery ahead of its debut on the Nigerian Stock Exchange later this year. The billionaire plans to offer up to 10% of the refinery on the exchange, translating to a potential offering size of $5 billion if the target valuation is achieved. The valuation target comes amid an improved commercial outlook for the refinery, which has benefited from the Strait of Hormuz closure and the higher fuel prices it has caused. If the initial public offering happens at the target valuation, it would be one of the largest in Nigeria’s capital market history. The development comes amid plans to more than double the refinery’s capacity within the next few years and attain a $100 billion valuation for the broader Dangote Group.
Business Day
