Dangote Refinery wins regulator OK for Lagos IPO
Dangote Refinery secured Nigeria’s securities regulator approval to launch an IPO on the Lagos stock exchange, targeting about $1.6 billion and tied to a $5 billion fundraising push.
The Dangote Refinery has secured approval from Nigeria’s securities regulator to launch an initial public offering on the Lagos stock exchange. 6 billion. The public offer is part of a $5 billion fundraising push, half of which the company has already secured through a private placement. Located in a free trade zone on the outskirts of Lagos, the refinery opened two years ago and has become the main supplier of fuels to the Nigerian market, as well as a jet fuel exporter to Europe.
The Dangote Group also plans to list its cement subsidiary in London and is in the early stages of another refinery project in Kenya.