Aliko Dangote said Thursday that the initial public offering for his $20 billion oil refinery will open in the next 10 to 12 days, setting the price at N525 ($0.40) per share.
Speaking to investors and analysts in Botswana, the president of Dangote Industries Limited outlined plans to raise about $5 billion through the share sale of Africa’s biggest refinery.
“So our dream is that we want to make sure we double the capacity of the refinery… which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” Dangote said.
The Lagos-based plant, which reached its designed capacity of 650,000 barrels per day in February, has already tested higher output levels of up to 700,000 barrels per day.
Dangote also confirmed that Dangote Cement is preparing a secondary listing on the London Stock Exchange, expected in October, to attract more international investors.
In addition, he announced plans for a new refinery on Kenya’s coast in partnership with East African governments. The facility aims to supply refined products to Kenya and neighbouring countries, reducing the region’s reliance on imports. Construction is projected to take up to three years and would mark the group’s largest refining investment outside Nigeria.
