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00:02Nigerian industrialist Aliko Dangote launched an IPO for his Lagos-based refinery Monday,
00:08seeking to raise $1.6 billion from retail investors across Africa, according to the Associated Press.
00:14The minimum investment is 10 shares for 5,250 naira, or about $4. Dangote will retain 87%
00:22ownership of the refinery, which is valued at about $49 billion after the offering.
00:26Nigeria has relied on foreign oil refining for decades because its state-run refineries suffer
00:31from poor maintenance and operate below capacity. The $19 billion facility began production in 2024
00:37and helped turn Nigeria from an importer of refined oil into an exporter. The refinery reached its full
00:43capacity of 650,000 barrels per day earlier this year. Dangote plans to expand capacity to 1.4
00:49million barrels per day, which officials say would make it the world's largest refinery.
00:54For all things money, visit Benzinga.com.
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