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Story summary
- Aliko Dangote opened his refinery to public ownership through a $1.6 billion IPO.
- The offering sells 4.1 billion shares at 5,250 naira ($4) each, open Sep 14–Oct 13.
- Dangote retains an 87% stake, so the sale could raise up to 2.15 trillion naira.
- The 650,000 bpd refinery is valued at $49 billion, more than twice its $19 billion cost.
- Dangote plans to double capacity to 1.4 million bpd and build a Kenya refinery by 2030.