WASHINGTON (dpa-AFX) - Nigerian billionaire Aliko Dangote has launched what is being described as Africa's largest-ever share sale, offering the public roughly 3 percent of his Dangote refinery in a deal that could raise as much as $2.1 billion.
The month-long offering gives ordinary Nigerians an opportunity to invest in the refinery, with a minimum purchase of 10 shares costing about $4.
The refinery, which began production in 2024, has a processing capacity of 650,000 barrels per day and supplies more than 70 percent of Nigeria's energy consumption. The funds raised will be used to help double its capacity. The project, located near Lagos, took more than a decade to complete and required extensive land reclamation.
Dangote, whose fortune is estimated at about $28 billion by Forbes, said the offering would allow Nigerians to share in the refinery's growth.
Experts, however, have cautioned first-time investors against committing money they may need in the near term and warned of potential scams surrounding the share sale.
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