The Initial Public Offering (IPO) for the massive 650,000 barrel-per-day Dangote Refinery facility in Lekki, Lagos, Nigeria built by Africa’s richest man, Aliko Dangote has made its high-profile promotional debut in New York City’s Times Square.
The visual spectacle signals the countdown to what is expected to be one of the largest equity offerings from the African continent.
The public listing aims to broaden ownership of the $20 billion megaproject, offering global investors direct exposure to West Africa’s expanding downstream refining hub.
IPO and Dangote’s Wealth Jump
An ongoing initial Public Offer (IPO) for the Dangote Refinery priced at ₦525.00 per ordinary share, offers investors a primary float of 4.1 billion shares (3.41% public equity stake before green shoe options).
The listing is set to expand the Nigerian Exchange (NGX) equities market capitalization by ₦63.07 trillion ($48.89 billion), making it the largest single-stock weighting on the exchange upon formal listing.
MoneyCentral estimates that Dangote’s net worth would jump to $56.9 billion once his Refinery IPOs and starts trading on the Nigeria Exchange (NGX), by the end of the year.
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