Nigeria's Dangote refinery launches continent's biggest IPO

Nigerian billionaire Aliko Dangote on Monday launched what is slated to be Africa's biggest initial public offering (IPO), aiming to raise $1.6 billion to partly expand his mega oil refinery into the world's largest.

The Lagos-based refinery, which began operations in 2024, has a capacity of 700,000 barrels per day, exceeding domestic demand in Nigeria, Africa's most populous country. The Dangote Petroleum Refinery aims to raise funds to double its capacity to 1.4 million barrels a day by 2028, which would make it the world's largest refinery, surpassing Jamnagar in India. Listed on the Nigeria Stock Exchange, the IPO is targeting up to 10 million shareholders across Africa.