Dangote has revealed that Africans are now less than 2 weeks away from sharing his fortune

• Dangote Refinery's IPO is set to launch in the next 10-12 days, marking a significant event for Nigeria’s stock market.
• The refinery plans to offer 4.1 billion shares at 525 naira ($0.40) per share, potentially raising about $1.5 billion.
• A 15% greenshoe option will be available, allowing extra shares to be sold if the IPO is oversubscribed.
• The IPO has attracted interest from stock exchanges in several African countries, which are discussing ways to give their investors access to the share sale.

The Initial Public Offering (IPO) for the Dangote Refinery, a subject of significant interest within financial markets throughout the year, is scheduled to launch in the coming days.

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Aliko Dangote announced this development on Thursday, outlining a specific two-week timeline to investors and analysts during a visit to Botswana.

He mentioned that the IPO would be open within the next 10-12 days, specifying a major event in Nigeria’s stock market that has been anticipated since the $20 billion refinery was inaugurated.

    DON'T MISS THIS: **Despite the possibility of making more money, Dangote is holding off on offering shares of his refinery to traders outside Africa**

"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 told investors and analysts in the Southern African country, as seen on Reuters, which also reported that Dangote intends to list the initial public offering for its refinery division at 525 naira ($0.40) per share, which could generate approximately $1.5 billion.

Sources close to the development who spoke on condition of anonymity disclosed the aforementioned specifics.

According to one of the sources, Dangote plans to offer 4.1 billion shares for sale.

Additionally, a 15% over-allotment option (greenshoe option) will be provided, enabling the enterprise to secure supplementary capital in the event of oversubscription, the source added.

    A few weeks back, reports showed that the refinery secured **a $400 million underwriting commitment** for its planned initial public offering.

The $400 million commitment was provided by global financial advisory firm Marob Strategies and Consulting DIFC Ltd., alongside the pan-African investment holding company Lilium Capital Group.

This will be “implemented upon the launch of the IPO, subject to market conditions, corporate and regulatory approvals, the execution of definitive documentation and compliance with applicable securities laws,” they said in the statement.

Through an underwriting commitment, Marob Capital and Lilium Capital successfully made available $600 million for the private placement, subsequently marketing these equity shares to “African and Caribbean sovereign wealth funds, governments, institutional investors and other eligible investors.”

The Dangote Refinery listing, over the last few months, has attracted attention from stock exchanges in South Africa, Egypt, Ghana, Kenya, and Rwanda, which have held discussions with the refinery's advisers on ways to provide investors in their markets access to the share sale.