Nigeria’s Dangote refinery aims to raise $5 billion with October listing, source says
Nigeria's Dangote oil refinery is planning a $5 billion IPO in October to fund expansion and replicate its success in Kenya. The refinery has become a major player in the African fuel market, particularly following supply disruptions caused by the Iran war.
Why it matters
This IPO represents a major shift in African energy infrastructure and could significantly impact the continent's fuel import dependency.
NAIROBI/ABUJA, Aug 4 (Reuters) – 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.
Majority owned by Africa’s richest man, Aliko Dangote, the refinery emerged as a big winner from the Iran war by selling jet fuel across Africa and to western Europe as countries battled shortages.
Dangote now 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.
His ambition is to reduce Africa’s dependence on expensive, imported fuels and even turn the continent into an exporter.
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