Nigerian businessman and Africa’s richest man, Aliko Dangote, on Monday launched a share sale by offering a stake in his oil refinery to the general public with plans to raise $1.6 billion from investors across the continent.
The initial public offering (IPO), termed as the “Peoples IPO” is for roughly 3% of the Dangote refinery.
“We are all going to fully share all our prosperity with the people and that is why we call it the people’s IPO,” Dangote said at Monday’s launch at the Nigerian Exchange Group in Lagos.
The refinery, which started production in 2024, is one of the largest in the world and took more than a decade to complete. It now supplies more than 70% of Nigeria’s energy consumption.
The refinery’s scale and potential returns, especially at a time when global oil prices have risen following the U.S.-Iran war, have generated excitement among retail investors, reported the AP.
In Ghana, the share sale has been listed on the Ghana Stock Exchange with a share price of GHC 4.58.
The IPO lasts for a month and the minimum purchase is 10 shares, costing about $4.