Dangote refinery launches Africa’s largest share sale
Aliko Dangote has listed 4.1 billion shares in his Lagos refinery, with trading expected to begin in November.
Nigerian billionaire Aliko Dangote has launched an initial public offering for his Lagos refinery, listing 4.1 billion shares on Nigeria’s stock exchange.
France 24 International described the sale as the largest share offering on the African continent. The supplied report does not provide the IPO’s price, valuation, proceeds or ownership percentage.
Dangote framed the offering as a “people’s IPO”, presenting it as an opportunity for Nigerians to participate in the refinery’s potential wealth. The report does not set out eligibility rules or indicate that access or returns are guaranteed.
Trading in the listed shares is expected to begin in November, although no confirmed commencement date was provided.
The refinery share sale was reported separately from developments in global oil markets, where prices continued to rise after attacks by Yemen’s Houthi rebels prompted Saudi Arabia to shut its East-West oil pipeline.
