Nigeria: Dangote completes IPO of its refinery
A Nigerian oil refinery owned by Aliko Dangote, Nigerian billionaire and Africa's richest man, closed its initial public offering on Tuesday after six weeks after attracting investors from "120 countries", the Dangote Refinery company announced. Billed as the largest capital markets operation in Africa, the operation was initially scheduled to close on October 13. It was extended by two weeks to allow more Africans to participate.
“This is a historic achievement for Africa. It shows what is possible when we believe in our continent, work together and invest in our common future,” said Aliko Dangote, 69, a cement, sugar and fertilizer tycoon. He estimates having raised “more than three or four times” the $1.6 billion initially targeted.
For the IPO of his Dangote Petroleum refinery, the billionaire offered shares affordable to all markets at a price of $0.4 per unit, roughly the price of a Coke or a Pepsi in Lagos, Nairobi or Kinshasa. The funds raised must be used to double the capacity of the Nigerian refinery, with a current capacity of 700,000 barrels per day - already the largest on the continent -, in order to make it the largest in the world.
Investors from 54 African countries and five other continents participated in the offer, Dangote Refinery said in a press release. “Requests from investors from 120 countries demonstrate the extraordinary international interest in our company and the confidence that investors place in the future of this refinery,” added Aliko Dangote. Second refinery In September, the Dangote Group also broke ground on a $16 billion refinery planned on Lamu Island, Kenya, with a projected capacity of 700.
000 barrels per day, with the aim of expanding its presence in other African countries. The project is expected to be completed within 30 to 40 months. According to an Africa Finance Corporation (AFC) report released in April, Africa currently imports more than 70% of its refined petroleum products.
Aliko Dangote's fortune is estimated at more than $35.7 billion.
Machine-translated from French
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- Le Figaro28 Oct, 06:36
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