Dangote Refinery launches $1.6B IPO, Africa's largest, order book opens

Dangote Refinery has opened the order book for a $1.6 billion IPO, selling 4.1 billion shares at N525 each, with listing expected in November. This marks the largest IPO in African history, signaling significant investor appetite for Nigeria's downstream oil sector. The success of the offering will test market confidence in the refinery's operational ramp-up and Nigeria's broader economic reforms.