SEC Clears Dangote Refinery’s ₦2.15 Trillion IPO, Set to Be Africa’s Largest Share Sale
Nigeria’s Securities and Exchange Commission has approved Dangote Petroleum Refinery’s initial public offering, paving the way for what could become Africa’s largest-ever share sale. The refinery plans to sell 4.1 billion ordinary shares at ₦525 each, potentially raising about ₦2.15 trillion if fully subscribed. The offer could value the business at roughly $47 billion, with the order book scheduled to open on 14 September. Proceeds are expected to support expansion of the Lagos refinery toward a capacity of 1.4 million barrels per day. The development comes as the naira has gained about 10.4% year-to-date and the NGX All-Share Index has risen by about 58.7% this year. Other major developments include the House of Representatives dissolving overdue ad hoc committees, a Kano senator’s defection to the APC, and a Bauchi senator’s denial of alleged links to a bandit leader.
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