Africa's richest man is courting small investors across the continent for shares in his namesake refinery before the window shuts on Oct. 13. The raise targets $1.6 billion, and regulators have cleared the company to issue up to 30% more stock, lifting the potential proceeds to $2.1 billion if the crowd shows up.
The cash is slated to fund an expansion that would lift throughput to 1.4 million barrels of crude per day by early 2029, putting the complex among the largest refineries anywhere. On the numbers, the IPO pegs the refinery's value near $49 billion, even though it only began operating less than three years ago.
Dangote is pitching this as an "IPO for the people," with a starter ticket of about $4 for 10 shares priced at 525 naira ($0.40) each. The splashy rollout spans a cube-shaped digital billboard in Victoria Island, Hausa-language jingles on Freedom Radio in Kano, and refinery fuel tankers covered in branding rolling along major roads. He has even talked about holding annual meetings in stadiums filled with tens of thousands of shareholders.
Enthusiasm has leaned on the pipes. When the offer opened, trading apps including Bamboo and Cowrywise crashed and took hours to come back, while banking platforms also wobbled before stabilizing, Dangote said on Sept. 20 at the Qatar Economic Forum in New York. The prospectus lists more than 50 intermediaries handling orders, from fintechs to traditional banks.
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If 10 million people buy in, that would be roughly four times the 2.7 million active investors currently in Nigeria, according to Nigerian Exchange CEO Jude Chiemeka. Bloomberg's math suggests Dangote's net worth could climb 64% to $58.6 billion, and he is set to keep control of more than 80% of the refinery after the listing.
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