Africa's richest man launches continent's biggest share sale

Nigerian billionaire Aliko Dangote has launched Africa’s largest ever stock sale, offering a stake in his oil refinery that could raise as much as $2.1 billion (£1.6 billion). The initial public offering comprises roughly 3 % of the Dangote refinery, with Dangote saying he wanted to give ordinary Nigerians a chance to share in the plant’s success. The refinery, which began production in 2024, is one of the largest in the world and required more than a decade to complete. It now supplies more than 70 % of Nigeria’s energy consumption, prompting excitement among many citizens about the prospect of owning a portion of the facility. Among those eager to invest is Isah Salisu, who told the BBC he withdrew 50,000 naira (£28; $37) from his savings to buy shares. “My anticipation is that my tiny wealth volition 1 time turn big. I don't privation to miss retired arsenic galore I cognize are besides investing,” he said. The IPO runs for a set period, with a minimum purchase of 10 shares costing about $4 each. Economy and finance expert Dr Abdulrazak Ibrahim Fagge told the BBC that Monday’s offering was historic. He cautioned investors that the share price could decline, meaning they might lose part of their investment. “What prospective buyers, particularly first-time buyers, should cognize is that they shouldn't put each their wealth oregon wealth they would request successful a mates of months,” he said. He added, “They should put thing they could bash without for the adjacent three, four, 5 years.” Fagge also warned potential shareholders to be alert to scammers, noting that some individuals seek to take advantage of those lacking familiarity with the process. “I volition counsel radical to lone woody with the institutions that person been listed,” he said. Although Nigeria remains Africa’s top oil producer, the country previously had to import most of its fuel because of insufficient refining capacity before the Dangote refinery opened.