Dangote refinery opens to public ownership in Africa's biggest IPO

Africa's biggest oil refinery has opened its ownership to the public, with Nigerian billionaire Aliko Dangote seeking to raise about 1.6 billion dollars in the continent's largest initial public offering.

Retail investors can buy shares in the 650,000-barrel-a-day refinery, with a minimum purchase of 10 shares. Dangote will retain an 87 percent stake.

The IPO has generated strong interest, with Nigerian investment platforms reporting heavy traffic as investors seek a stake in the refinery.

The 19-billion-dollar facility began production in 2024, helping Nigeria shift from a major importer of refined fuel to an exporter.

Analysts say the listing could bring millions of new investors into Nigeria's stock market, but some question the refinery's roughly 49-billion-dollar valuation.

Dangote has defended the figure and plans to expand capacity to 1.4 million barrels per day, potentially making it the world's largest refinery.