Aliko Dangote is finalizing a $2.5 billion private share placement for Dangote Petroleum Refinery & Petrochemicals, a key step toward what could become Africa’s largest-ever initial public offering (IPO). The deal values the refinery at roughly $40 billion and drew about $4 billion in investor interest, with strong backing from regional institutional investors. An IPO could follow as soon as August, potentially raising another $1.5 billion to $2 billion, with plans to list on the Nigerian Exchange. The refinery, which began operating in 2024 at 650,000 barrels per day, has already cut Nigeria’s dependence on imported fuel and recently raised $750 million in debt financing. The new capital will help finance an expansion that aims to increase refining capacity to 1.4 million barrels per day by 2028.
Business Insider Africa