Nigeria’s Dangote Refinery is set to open its much-anticipated initial public offering (IPO) soon. Aliko Dangote says the IPO will launch within 10 to 12 days. The announcement has sparked fresh interest in the massive refinery project. The refinery is Africa’s largest and is owned by Nigeria’s richest man.
Speaking to investors and analysts in Botswana, Dangote shared plans to expand the refinery. “Our dream is that we want to make sure we double the capacity,” he said. The expansion would take production from 650,000 barrels per day to 1.4 million barrels per day. The refinery has already tested production of 700,000 barrels daily.
Meanwhile, the Dangote Refinery IPO could raise about $5 billion. If successful, it could become Africa’s biggest IPO. The refinery reached its full nameplate capacity in February. It has also benefited from stronger refining profits amid turmoil in the Middle East. However, Dangote has not disclosed the refinery’s profit margins.
In addition, Dangote Cement is preparing for a secondary listing on the London Stock Exchange. The billionaire expects the listing to happen in October. He is also planning another refinery in Kenya with East African governments.
The project will launch on September 30 and could take three years to complete. It will supply fuel to Kenya and nearby countries.
