Dangote refinery launches largest African IPO

Nigerian industrialist Aliko Dangote has initiated the continent’s largest ever share offering, listing 4.1 billion shares of his Lagos refinery on the Nigerian Stock Exchange. Marketed as a “people’s IPO,” the float aims to give ordinary Nigerians an opportunity to invest in the refinery’s projected earnings. The offering is slated to begin trading in November, marking a significant step toward broader public participation in one of Africa’s most valuable energy assets.

The timing coincides with a rise in global oil prices after Yemen’s Houthi rebels attacked Saudi facilities, prompting the shutdown of the kingdom’s East‑West crude pipeline. The supply disruption has heightened market volatility, underscoring the strategic importance of Dangote’s refinery for regional energy security. The new listing is expected to attract both domestic and international investors seeking exposure to Africa’s expanding oil sector.