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Aliko Dangote plans to list a portion of his oil refinery on the Nigerian stock market.
The Dangote refinery is the largest in Africa and continental Europe, with a processing capacity of 350,000 barrels of crude per day.
Aliko Dangote is considering listing approximately 10% of his refinery in an IPO, primarily in Nigeria.
The Dangote refinery IPO is expected to occur in the second half of the year, with August being mentioned as a potential month.
Aliko Dangote aims to grow his conglomerate into a $100 billion business within the next four years.
Aliko Dangote plans to invest $40 billion across several African countries.
Multilateral organizations like the Africa Finance Corporation estimate there is $4 trillion in capital available from pension funds, banks, and sovereign institutions on the African continent.
Aliko Dangote plans to double his refinery's capacity, which could make it equivalent in size to the massive Reliance refinery in Jamnagar, Gujarat.
Aliko Dangote stated that following its IPO, the Dangote refinery will pay dividends to investors in U.S. dollars.
The Africa Finance Corporation and the African Development Bank have each committed $500 million to a railway that will connect Zambia's copper mines to the Angolan port of Lobito.
The 1977 initial public offering of Reliance Textiles was oversubscribed seven times.
Aliko Dangote's oil refinery in Lagos is the largest on the African continent.