Story perspectives

Dangote Launches Africa’s Largest IPO to Raise 2.15 Trillion Naira

By Drooid · Sep 15, 2026, 2:04 AM UTC · How we work

Summary

Story summary

Aliko Dangote launched Africa’s largest IPO, offering shares in his 700,000-bpd refinery.
The sale lists 4.1 billion shares at 525 naira each.
It aims to raise 2.15 trillion naira (~$1.6 bn), up to $2.1 bn if oversubscribed.
Dangote retains 87% of the refinery, diluting to about 89.25% after issuance.
The IPO targets up to 10 million African investors and could lift Lagos exchange capacity by 40%.

History

Historical Context

Telkom SA was spun off from the South African Department of Posts and Telecommunications in 1991 and began selling shares in the late 1990s, leaving the government with about 40% ownership by 2024. The 2024 Lagos Stock Exchange debut of Aliko Dangote’s 700,000-bpd refinery, seeking 2.15 trillion naira, mirrors Telkom’s earlier move to broaden African capital markets and attract foreign investors.

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Story summary

Aliko Dangote launched Africa’s largest IPO, offering shares in his 700,000-bpd refinery.
The sale lists 4.1 billion shares at 525 naira each.
It aims to raise 2.15 trillion naira (~$1.6 bn), up to $2.1 bn if oversubscribed.
Dangote retains 87% of the refinery, diluting to about 89.25% after issuance.
The IPO targets up to 10 million African investors and could lift Lagos exchange capacity by 40%.

1 / 2