Nigeria's Dangote Refinery Signs IPO Documents for Major Expansion
2 sources across 2 countries · South Africa · United Kingdom
Who reported this
- Daily Maverick
- Reuters
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Nigeria's Dangote refinery has signed offering documents for an initial public offering (IPO) that aims to fund a 14 billion dollar expansion. The offering is scheduled to run from 14 September to 13 October. The company plans to sell 4.1 billion ordinary shares at 525 naira each, which could raise approximately 2.15 trillion naira if fully subscribed. The refinery may issue up to 30 percent more shares if the offer is over subscribed, pending regulatory approval.
The IPO follows approval from Nigeria's Securities and Exchange Commission. The funds are intended to double the refinery's capacity from 700,000 barrels per day to 1.4 million barrels per day. Aliko Dangote, the founder and Africa's richest man, stated his goal for the facility to become the world's largest single train refinery by 2028. He described the IPO as an African listing rather than a strictly Nigerian one, noting that investors would be paid in dollar terms.
The 700,000 barrel per day refinery was built at a cost of about 20 billion dollars. It has exported jet fuel across Africa and into Europe, benefiting from supply disruptions linked to the Iran war. While the company does not publicly disclose detailed financial results, Dangote has expressed an aim to generate more than 12 billion dollars in earnings before interest, tax, depreciation and amortisation.
How each side framed it
- Centre-left
- The center-left lean framed the event as a landmark moment for African industrial growth and a test of investor appetite.
- Centre
- The center lean focused on the financial scale of the expansion and the IPO process.
Sources
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