00:00Nigeria's Dangote Refinery is preparing to go public in what could become Africa's biggest ever share sale
00:07as the company seeks funding to more than double its production capacity.
00:12The refinery, owned by Africa's richest Manaliko Dangote, is expected to raise around $1.6 billion through the initial public
00:22offering.
00:22Nigeria's Securities and Exchange Commission has approved the sale of 4.1 billion shares.
00:28The funds will help finance plans to increase refining capacity from 650,000 barrels per day
00:37to 1.4 million potentially making the facility the world's largest refinery.
00:42Built at a cost of around $20 billion, the Leckie-based refinery reached full capacity earlier this year
00:49and has become a major supplier of refined petroleum products in Nigeria and across international markets.
00:55The IPO order book is expected to open on September 14.
