Nigeria’s Dangote Group is targeting a September initial public offering (IPO) of its oil refinery business, billionaire founder Aliko Dangote told reporters in comments aired on Arise Television on Thursday, raising funds that could help it to expand capacity
The planned listing would cover the Dangote refinery, which hit its full capacity of 650,000 barrels per day in February.
Founder Dangote said that the company has attracted about $2 billion in private investor offers but they would not be allowed to take up the entire stake being placed in the IPO.
The refinery — the largest in Africa and one of the biggest single‑train plants globally — is central to Dangote’s ambition to transform Nigeria from a major fuel importer into a refining hub for the continent.