Nigeria’s Dangote refinery will open its initial public offering within the next 10 to 12 days, billionaire owner Aliko Dangote said on Thursday, according to Reuters, in what is poised to become Africa’s largest IPO.
Dangote said the refinery’s expansion remained a priority, with the group aiming to more than double capacity to 1.4mn barrels a day. “So our dream is that we want to make sure we double the capacity of the refinery … which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” he told investors and analysts in Botswana during a visit to the southern African country.
The refinery, owned by Africa’s richest man, is expected to seek to raise about $5 billion.
Dangote does not disclose refinery margins, but the refining industry has benefited from stronger profits as turmoil in the Middle East has boosted demand for alternative fuel supplies. Related News MTN’s 100m subscribers open data, fintech opportunity Nigeria becomes new production hub for fake goods, NAFDAC warns NUPRC to revoke gas flare permits over inaction
The 650,000-barrel-a-day refinery reached full nameplate capacity in February and has already tested output at 700,000 barrels a day.
