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Dangote Refinery IPO to Open Within Two Weeks
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Dangote Refinery IPO to Open Within Two Weeks

By CNBC Africa·Edited by Editor TO·

Aliko Dangote says the initial public offering of his Nigerian refinery will open within 10 to 12 days, potentially making it the largest IPO in Africa. The refinery is expected to seek about $5 billion, offering investors access to a major industrial asset at a time when refining profits have benefited from stronger fuel demand amid Middle East turmoil. Dangote told investors in Botswana that he also plans to double the refinery’s capacity to 1.4 million barrels per day. The 650,000-barrel-per-day facility reached full nameplate capacity in February and has tested output above its nameplate rate. Dangote also plans to launch a new refinery project on Kenya’s coast on September 30, marking the group’s largest refining investment outside Nigeria and aiming to reduce East Africa’s reliance on imported fuels.