Africa’s biggest oil refinery opens to public ownership, sparking excitement among retail investors

Nigerian industrialist Aliko Dangote opened his refinery to public ownership on Monday with plans to raise US$1.6 billion from retail investors across the continent in Africa’s biggest initial public offering, or IPO. Dangote, the richest man living in Africa, dubbed the IPO – one “for the people” and said he wants everyone to be able to own a share. Retail investors can buy a 10-share bundle in the sprawling Lagos-based refinery for 5,250 naira (US$4), the minimum investment. Dangote retains 87 per cent ownership of the refinery, Africa’s largest.