# Dangote's $23bn bet on Africa's biggest IPO

> Africa's richest man just took his Nigerian oil refinery public, and his fortune could jump by two thirds.
- Title: Dangote's $23bn bet on Africa's biggest IPO · the Guardian
- Summary: Africa's richest man just took his Nigerian oil refinery public, and his fortune could jump by two thirds. Dangote is converting a near monopoly in Nigerian…
- Keywords: nigeria, oil, ipo, africa, dangote, news, world, Dangote's, 23bn, bet, Africa's, biggest
- Source: the Guardian — https://theguardian.com/world/2026/sep/14/aliko-dangote-nigeria-africa-richest-man-ipo
- Published: 2026-09-14T12:38:51+00:00
- Read time: 1 min
- Topics: nigeria, oil, ipo, africa, dangote, news, world
## A fortune about to jump
Aliko Dangote's refinery listed on the Nigerian exchange in the continent's biggest ever IPO. If it goes to plan, $23bn lands on top of his $35bn, pushing him near $60bn.
## Ten shares, three pounds
The minimum subscription is 10 shares at 5,250 naira, about £2.94. Buyers have until 13 October, and a full subscription values the refinery at roughly £36.5bn.

> an IPO for the people
## Marketed to young Nigerians
Banks and fintech apps pitched the offer to young investors as a way to build wealth and grow the economy, widening the shareholder base well beyond institutions.
## The monopoly question
Dangote has financed several presidential campaigns, and policymakers handed him near monopolies in his chosen sectors. He answers that anyone is free to invest and build.

> Let us not use the cry of monopoly to stall growth. No one is prevented from investing.
## Nigeria stopped importing fuel
Before the $20bn plant opened outside Lagos in January 2024, Nigeria exported crude and imported refined fuel. Now it runs 700,000 barrels a day and plans to double that.
## A $100bn empire next
Profits are earmarked for heavy manufacturing and regional infrastructure, including a $17bn energy complex at Lamu in Kenya with another 700,000 barrels a day of refining.

> We, as Nigerians and Africans, must be bold and lead the change to develop our economies
## Key takeaway

Dangote is converting a near monopoly in Nigerian refining into public capital, with a $100bn industrial empire as the endgame.