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Nigeria

Dangote refinery presses ahead with $5 billion listing despite regulatory feud

Africa's largest IPO nears approval as the oil group challenges the oversight of Nigeria's midstream regulator

After raising US$2.5 billion in a private placement that was nearly four times oversubscribed ahead of its Initial Public Offering (IPO) due in October, Aliko Dangote’s refinery is lining up for another bruising battle with Nigeria’s regulators. The IPO, which aims to raise another $5bn, will help finance the expansion of Dangote’s refinery in Lagos to 1.4 million barrels a day (b/d) and contribute to a similar project by the company in East Africa. Company sources say the placement and listings suggest a valuation of $40bn for the Dangote Petroleum Refinery and Petrochemicals company, a level described by local bankers as ‘ambitious’.

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