Dangote launches $1.6 bn retail IPO for $19 bn Nigerian refinery

Africa’s richest man, Aliko Dangote, announced on Monday the initial public offering of his $19 billion oil refinery in Nigeria, inviting retail investors from across the continent to contribute up to $1.6 billion. The share issue places the valuation of the facility—Africa’s largest oil refinery—at roughly $49 billion, a figure that positions the project among the most valuable industrial assets on the continent.

The offering has generated strong interest from investors seeking exposure to the region’s energy sector, while analysts and market observers have raised questions about the steep valuation relative to comparable global projects. Regulators are reviewing the prospectus as the IPO proceeds, and the success of the subscription will be watched closely as an indicator of confidence in large‑scale African infrastructure investments.