Aliko Dangote, Africa’s wealthiest individual, is moving to list his petroleum refinery and petrochemical business on the Nigerian exchange in what is set to become the continent’s largest initial public offering. If the flotation proceeds as scheduled, the 69-year-old billionaire expects to add $23 billion to his current $35 billion net worth, potentially elevating his total fortune to nearly $60 billion.
Marketed by the entrepreneur as “an IPO for the people,” the offering aims to attract a broad base of institutional and retail investors. Interested participants can subscribe to as few as 10 shares at a price of 5,250 naira, equivalent to approximately £2.94. The subscription period is currently open and is slated to conclude on 13 October.
Dangote, who originally built his fortune in the sugar and cement industries, has faced ongoing scrutiny regarding his close ties to various Nigerian presidential administrations. Critics have frequently alleged that his companies enjoy a near-monopoly due to these political connections. Defending his business practices last year, he stated, “We have chosen to build here, to employ here, to produce here. Let us not use the cry of monopoly to stall growth. No one is prevented from investing.”
His refinery operations, launched in January 2024 on the outskirts of Lagos, have played a pivotal role in shifting Nigeria from a crude oil exporter to a net provider of refined fuel. The facility currently processes 700,000 barrels per day, a volume it aims to double by the decade’s end. The refinery’s market position has been further bolstered this year by global supply chain disruptions, including rising tensions in Iran and a recent attack on Saudi Arabia’s pipeline, which pushed Brent crude prices to $108 a barrel.
Beyond Nigeria, Dangote intends to utilize these profits to advance a $100 billion industrial empire focused on manufacturing and infrastructure. Plans are already underway for a $17 billion energy complex in Lamu, Kenya, designed to refine 700,000 barrels of oil daily and strengthen regional energy security. At a signing ceremony in Lagos on 7 September, Dangote urged African nations to be bold, noting that economic leadership is necessary to secure better negotiating terms on the global stage.
The announcement has drawn praise from prominent local business figures, including banker Tony Elumelu, who described the move as a landmark moment for Nigeria and a significant milestone for the African continent. The report also notes that with the process finishing on 13 October, the share purchases have a month to complete. The report also notes that who was a member of one of west Africa’s all-time richest families, the Dantatas, he started his company in the late 1970s with a loan from his maternal grandfather. The report also notes that the country had relied on exporting crude and importing refined petroleum for domestic use, while expending billions to subsid, prior to the opening of the $20bn Dangote refinery on the outskirts of Lagos in January 2024. The report also notes that who has financed several successful presidential campaigns in Nigeria, where policymakers have granted him a near monopoly in his chosen sectors, that would be a big win for Dangote.
