Africa's richest man launches continent's biggest share sale

What the report says

Nigerian industrialist Aliko Dangote has begun Africa’s largest share offering, inviting the public to buy a stake in his oil refinery in a deal that could raise up to $2.1bn, according to BBC Africa. The initial public offering covers about 3% of the refinery, and Dangote said the plan is meant to let ordinary Nigerians benefit from the plant’s success.

The refinery, located in the Lekki Free Zone near Lagos, began production in 2024 after a long construction process that followed its announcement in 2013. BBC Africa reported that the facility is among the world’s biggest, with a processing capacity of 650,000 barrels a day, and it now supplies more than 70% of Nigeria’s energy consumption. The proceeds from the share sale are expected to support a planned expansion that would double capacity.

The listing comes at a time when many Nigerians are closely watching the refinery because the country has long relied on imported fuel despite being Africa’s largest oil producer. BBC Africa noted that the minimum investment is 10 shares, costing about $4, making the offer accessible to small investors. The report also included caution from a Nigerian business expert, who warned first-time buyers to understand the risks of share-price swings and to avoid unlicensed intermediaries.