Dangote Prices Africa's Biggest IPO at $47 Billion
Syria Diesel Prices Jump 40% Triggering Widespread Unrest Aliko Dangote launched Africa's largest share sale on Monday, offering4.1 billion sharesof his Nigerian oil refinery at 525 naira each.
13 and would raise $1.6 billion if fully subscribed, or as much as $2.1 billion if the company exercises its greenshoe option.
The sale values the refinery, which processes 700,000 barrels of crude a day, at roughly $47 billion.
The refinery has benefited financially from supply disruptions linked tothe Iran war, which increased demand for itsjet fuelacross Africa and Europe.
It reported an after-tax profit of $1.82 billion for the first half of 2026, compared with a $476 million loss for all of 2025.
Dangote will use the proceeds toward a $14.3-billion expansion that would double therefinery's capacityto 1.4 million barrels a day by 2029.
The ~$20-billion plant outside of Lagos has supplied most of Nigeria's domestic gasoline since starting operations in 2024.
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Dangote has marketed the offer toordinary Nigerians, who can buy as few as 10 shares through fintech platforms.
Lagos business owner Chris Chijioke told Reuters he would buy 2,000 shares but called the offer "overvalued," citing the risk that the expansion could be delayed.
Journalist Ibrahim Abubakar said he would take about 2,850 shares because he considers the refinery "too big to fail." UAE state oil company ADNOC has expressed interest in investing in the refinery, though terms haven't been disclosed.
Dangote is separately in talks to build a$17 billion refineryon Kenya's Lamu Island, offering equity stakes to Kenya and other East African governments; Kenya's 10 percent share alone would be worth $500 million.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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