Nigeria's Dangote refinery aims to raise $5 billion with October listing, source says
Nigeria's Dangote oil refinery is set for Africa's biggest ever market listing as it seeks to raise about $5 billion through an initial public offering expected to conclude in October, a source with knowledge of the plan told Reuters. The refinery is majority-owned by Aliko Dangote, Africa's richest man.
Dangote plans to raise funds to expand the capacity of the 650,000-barrel-per-day Lagos-based refinery and replicate its success with a similar facility in Kenya. The planned IPO has attracted interest across the continent, with stock exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda holding meetings with the refinery's advisers. Kenya's capital markets could raise as much as $500 million of the Dangote IPO target. Dangote Petroleum Refinery & Petrochemicals FZE has submitted its IPO application to Nigeria's Securities and Exchange Commission and is expected to receive approval in the coming weeks, with a prospectus to be published in September. The primary listing will be on the Nigerian Stock Exchange.
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Dangote Refinery, owned by Africa's richest man Aliko Dangote, is planning a significant market listing. This move aims to expand its operations and
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