00:00Africa's biggest oil refinery has opened its ownership to the public with Nigerian billionaire Aliko Dangote seeking to raise about
00:07$1.6 billion in the continent's largest initial public offering.
00:11Retail investors can buy shares in the 650,000 barrow a day refinery with a minimum purchase of 10 shares.
00:20Dangote will retain an 87% stake.
00:23The IPO has generated strong interest with Nigerian investment platforms, reporting heavy traffic. The $19 billion facility began production in
00:322024, helping Nigeria shift from a major importer of refined fuel to an exporter.
00:38Analysts say the listing could bring millions of new investors into Nigeria's stock market, but some question the refineries' roughly
00:45$49 billion valuation.
00:48Dangote has defended the figure and plans to expand capacity to 1.4 million barrels per day, potentially making it
00:55the world's largest refinery.
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