Dangote refinery IPO to raise US$1.6b for capacity doubling
Aliko Dangote has launched an initial public offering for his Lagos-based oil refinery, aiming to raise US$1.6 billion to double capacity to 1.4 million barrels per day by 2028. The offering, priced at 525 naira per share, closes on October 13 and is billed as Africa's largest IPO. Dangote also plans a 700,000 bpd refinery at Lamu in Kenya.