Dangote Refinery IPO Targets $23 Billion Windfall for Aliko Dangote as Valuation Nears $36.5 Billion
Updated
Updated · The Guardian · Sep 14
Dangote Refinery IPO Targets $23 Billion Windfall for Aliko Dangote as Valuation Nears $36.5 Billion
3 articles · Updated · The Guardian · Sep 14
Summary
Monday’s Nigerian listing could lift Aliko Dangote’s fortune by about two-thirds to nearly $60 billion if the refinery IPO is fully subscribed by the Oct. 13 deadline.
The offer is pitched as “an IPO for the people,” with a minimum purchase of 10 shares costing 5,250 naira, and has been marketed heavily to retail investors, especially young Nigerians, through banks and fintech platforms.
Full subscription would value Dangote Petroleum Refinery and Petrochemicals at 65.22 trillion naira, or about $36.5 billion, after the company earlier offered 4.1 billion shares at 525 naira each.
The 700,000-barrel-a-day Lagos refinery has already helped turn Nigeria into a net exporter of refined fuel, reversing years of dependence on imported petroleum products.
The flotation also sharpens scrutiny of Dangote’s political influence and near-monopoly position in key sectors as he pushes a broader $100 billion African industrial expansion.