Africa’s richest man aiming to make $23bn from continent’s biggest-ever IPO
Nigerian billionaire Aliko Dangote is launching an IPO for his petroleum refinery business, which could significantly increase his net worth. The offering is being marketed to retail investors in Nigeria as a way to build wealth and support the national economy.
Why it matters
This represents the largest IPO in African history and marks a significant shift in Nigeria's energy sector as it moves toward becoming a net exporter of refined fuel.
Aliko Dangote speaks at the Nigerian stock exchange in Lagos to launch the Dangote refinery IPO. Aliko Dangote speaks at the Nigerian stock exchange in Lagos to launch the Dangote refinery IPO. Nigeria Africa’s richest man aiming to make $23bn from continent’s biggest-ever IPO Public offering of Aliko Dangote’s Nigerian oil refinery business could swell his net wealth by two-thirds
Prefer the Guardian on Google The fortune of Africa’s richest person could swell by two thirds to nearly $60bn (£44bn) after his refinery in Nigeria listed publicly in the continent’s biggest-ever initial public offering.
If Monday’s flotation of Dangote Petroleum Refinery and Petrochemicals on the Nigerian exchange goes to plan, then Aliko Dangote will add a further $23bn (£17bn) to his $35bn net worth.
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