Lagos (AFP) – Nigerian billionaire Aliko Dangote on Monday launched what is slated as Africa's biggest initial public offering (IPO), which aims to raise $1.6 billion (€1.3 billion) to expand his mega oil refinery to become the world's largest.
The Lagos-based refinery, which began operations in 2024, has a capacity of 700,000 barrels per day, exceeding domestic demand in Nigeria, Africa's most populous country.
