Africa's richest man takes oil refinery empire public in record IPO

Nigerian billionaire and Africa's richest man Aliko Dangote has launched the biggest share sale in the continent's history. His oil refinery near Lagos, valued at almost $50 billion (about one trillion Czech crowns), is going public. According to Bloomberg's calculations, the share sale could boost Dangote's fortune by $23 billion — roughly 484 billion crowns.

Dangote is offering investors more than four billion shares at 525 naira apiece (just over 8 crowns). The offering began on 13 October, and if fully subscribed, the businessman stands to raise up to $1.6 billion, or about 33.7 billion crowns. The entrepreneur himself calls it an “IPO for the people” — ordinary Nigerians will be able to buy a few shares too.

The refinery, worth about $20 billion, has been operating since 2024 and processes 700,000 barrels of crude a day, making it the world's largest single-train refinery. Thanks to it, Nigeria has become a net exporter of fuel for the first time, while the war between Israel and Iran has further boosted demand for Nigerian jet fuel across Africa and Europe.

Dangote plans to use the proceeds to double refining capacity to 1.4 million barrels a day by 2029 and to build another refinery in Lamu, Kenya, so as to cover the market from the Atlantic to the Indian Ocean. The project has already run into protests from environmentalists over threats to coral reefs and mangrove forests. Talks are also under way on a partnership with a state oil company from Abu Dhabi.

The 69-year-old businessman started out in the 1970s trading cotton and cashew nuts with money borrowed from his uncle. Today his group of companies controls Nigeria's cement, sugar and fertiliser markets. By the end of the decade, Dangote aims to grow his empire's revenue fivefold, to $100 billion, and is gradually handing over management to his three daughters.

By the Around Prague newsroom