Omolabake Fashogon with agency report
Dangote Petroleum Refinery’s planned October Initial Public Offering (IPO), which could become Africa’s largest, is designed to let Nigerians share in the company’s growth, its CEO, David Bird, has said, adding that a foreign listing was at least three years away.
The refinery has submitted an application for a $5 billion IPO to the Securities and Exchange Commission, a source familiar with the matter had revealed, although the final size is not decided.
“We really want to drive participation,” Bird said in an interview with Reuters. “The mandate of the IPO was to be the people’s IPO.”
Bird said the company wanted at least three years of proven production and financial performance before pursuing an overseas listing, which could support a stronger valuation. London has been mentioned as a possible venue.
