The New Indian Express ·
Africa's biggest oil refinery opens to public ownership, sparking excitement among retail investors
LAGOS: Nigerian industrialist Aliko Dangote opened his refinery to public ownership Monday with plans to raise $1.6 billion from retail investors across the continent in Africa's biggest initial public offering, or IPO.
Dangote, Africa's richest man, dubbed the IPO one "for the people" and said he wants everyone to be able to own a share. Retail investors can buy a 10-share bundle in the sprawling Lagos-based refinery for 5,250 naira ($4), the minimum investment. Dangote retains 87% ownership of the refinery, Africa's largest.
The refinery's scale and potential returns, especially at a time when global oil prices have risen following the US-Iran war, have generated excitement among retail investors.
