Nigerian billionaire Aliko Dangote has opened a landmark share sale that will allow ordinary Nigerians to own part of his giant oil refinery, in what is being billed as Africa’s biggest-ever public share offering.
The initial public offering (IPO) covers about 3% of the Dangote refinery and could raise up to $2.1 billion (£1.6 billion). Dangote said the offer was designed to give Nigerians an opportunity to benefit directly from the performance of the refinery.
The month-long offer has already attracted interest from members of the public, with some investors using their savings to buy a stake in the facility.
Isah Salisu told the BBC that he had taken 50,000 naira (£28; $37) from his savings to invest in the offer.
"My hope is that my small money will one day grow big. I don't want to miss out as many I know are also investing," he said.
Investors can buy as few as 10 shares, with the minimum purchase costing about $4.
Economy and business expert Dr Abdulrazak Ibrahim Fagge described the launch as a historic moment but cautioned new investors against putting money they may soon need into the offer.
He warned that the share price could fall, leaving investors with losses.
"What prospective buyers, especially first-time buyers, should know is that they shouldn't invest all their money or money they would need in a couple of months," he said.
"They should invest something they could do without for the next three, four, five years."
Fagge also urged potential investors to be careful about fraudsters who could seek to exploit people unfamiliar with the share-buying process.
"I will advise people to only deal with the institutions that have been listed," he said.
The refinery began production in 2024 and has become a major part of Nigeria’s fuel supply. It now provides more than 70% of the country's energy consumption.
Nigeria remains Africa’s biggest oil producer, but for years the country depended heavily on imported fuel because it did not have enough refining capacity of its own. The opening of the Dangote refinery changed that situation by bringing large-scale refining capacity to the country.
Located in the Lekki Free Zone near Lagos, the facility can process 650,000 barrels of crude oil a day, making it the seventh-largest refinery in the world.
The project was first announced in 2013 at an estimated cost of about $19 billion, although construction only started in 2017. Work was later affected by delays linked to the Covid-19 pandemic.
Building the refinery also involved major land reclamation, with about 65 million cubic metres of sand moved to prepare the site.
Dangote, 67, was born in Kano and has built a fortune estimated at about $28 billion, according to Forbes magazine. He made his wealth through businesses including cement and sugar before expanding his operations to 16 other African countries.
His Dangote Cement business is Africa’s largest cement producer.
The money raised through the refinery share sale is expected to support plans to double the facility’s processing capacity, giving the public offer a direct link to the refinery’s future expansion.