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Africa’s biggest oil refinery opens to public ownership, sparking excitement among retail investors
Nigerian industrialist Aliko Dangote opened his refinery to public ownership, seeking to raise $1.6 billion from retail investors across Africa in the continent’s biggest initial public offering, or IPO. Dangote, Africa’s richest man, dubbed the IPO “for the people” and said he wants everyone to be able to own a share. Retail investors can buy shares in the sprawling Lagos-based refinery for 5,250 naira ($4) per share, with a minimum purchase of 10 shares. Dangote retains an 87% stake in the refinery, Africa’s largest. The refinery’s scale and potential returns, especially as global oil…
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