Dangote launches ₦2.15 trillion IPO with 4.1 billion new ordinary shares as net worth could jump to $58 billion

• Aliko Dangote has launched the IPO of the world's largest single-train oil refinery on the Nigerian Stock Exchange in Lagos.
• The offering includes 4.1 billion new ordinary shares at N525 each, with a minimum purchase of 10 shares, and will conclude on October 13.
• The IPO aims to raise about N2.15 trillion if fully subscribed, marking the first refinery listing on the Nigerian stock market.
• Projections suggest Dangote's wealth could jump from $35.3 billion to $58.2 billion after the successful completion of this IPO.

Aliko Dangote, Chairman of the larger Dangote Group, which controls the Dangote Oil Refinery, has launched the Initial Public Offering of the world’s largest single-train oil refinery.

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The IPO was launched on Monday on the trading floor of the Nigerian Stock Exchange (NGX) in Nigeria's commercial hub, Lagos, representing the first refinery to be listed on the Nigerian stock market.

    DON’T MISS THIS: **Dangote has revealed that Africans are now less than 2 weeks away from sharing his fortune**

The initial public offering currently consists of 4.1 billion new ordinary shares priced at N525 per share, with a minimum purchase requirement of 10 shares valued at N5,250.

Pursuant to the terms outlined in the prospectus, the offer is slated to conclude on the 13th of October.

The official launch was marked by Dangote sounding the Nigerian Exchange (NGX) gong, thereby enabling prospective investors to initiate share acquisitions in the refinery.

As seen in the Punch, the issuance of 4.1 billion new ordinary shares at N525 each is expected to raise roughly N2.15 trillion upon full subscription.

Dangote Refinery IPO

Earlier in September, Aliko Dangote finally specified that the Dangote Refinery would be open within the next 10-12 days, putting a date to a major event in Nigeria’s stock market that has been anticipated since the $20 billion refinery was inaugurated.

Exactly 10 days later, Africa’s richest man has ceremonially sounded the Nigerian Exchange (NGX) gong, opening an avenue for Nigerians to share his fortune.

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

Global financial advisory firm Marob Strategies and Consulting DIFC Ltd. and pan-African investment holding company Lilium Capital Group provided the $400 million commitment.

    As presently constituted, investors looking to buy shares in Dangote Refinery can now access the company’s initial public offering through **40 approved banks**, fintech companies and mobile operators, giving investors multiple channels to participate in the landmark listing.


    There are several **ways to own stakes** in what is now described as Africa’s most ambitious locally owned energy project.

Per the listing, projections show that the Nigerian billionaire could experience a $23 billion increase in his net worth.

Dangote currently has a net worth of $35.3 billion, according to the Bloomberg Billionaires Index.

    However, Bloomberg estimates show that his wealth could rise to **as much as $58.2 billion** once the refinery completes its initial public offering.