Aliko Dangote to open Nigeria's $5 billion refinery IPO within 12 days
Africa's richest man plans to raise roughly $5 billion for his expansion while hosting Botswana officials seeking industrial partnerships.
Nigeria's Dangote Refinery is set to launch its initial public offering in 10 to 12 days, according to Aliko Dangote. The group aims to use the proceeds to expand capacity beyond the current 650,000 barrels per day and reach 1.4 million barrels daily. Investment targets for the deal are approximately $5 billion. During a visit in Botswana, Dangote met with President Duma Boko to discuss potential collaborations on heavy industry and infrastructure, specifically the Trans Kalahari railway connecting to Namibia's Walvis Bay. Boko urged Dangote to utilize local pension funds and domestic capital to finance future projects, noting that Botswana currently imports significant amounts of cement. The refinery had previously hit 700,000 barrels per day in testing. Meanwhile, Dangote Cement plans a secondary listing on the London Stock Exchange in October.
