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”