Dangote plans September IPO for oil refinery business, founder says

Nigeria’s Dangote ​Group is targeting ‌a September ​initial public offering (IPO) of its oil refinery business, billionaire ‌founder Aliko Dangote told reporters in comments aired on Arise Television on Thursday, raising funds that ‌could help it to expand capacity.

* ‌The planned listing would cover the Dangote refinery, which hit its full capacity of 650,000 barrels ⁠per ​day in February. * ⁠Founder Dangote said that the company has attracted ⁠about $2 billion in private investor offers but ​they would not be allowed to take ⁠up the entire stake being placed in the ⁠IPO.

* ​The refinery — the largest in Africa and one of the biggest single-train ⁠plants globally — is central to Dangote’s ambition to transform ⁠Nigeria ⁠from a major fuel importer into a refining hub for the ‌continent.