Post by Augustine Chiagozie (@pabloexchange)

"I want to Thank President Tinubu for taking bold moves by removing the subsidy, by democratizing the exchange rate, and also for this refinery."

—Aliko Dangote

This speech was made as the Dangote Refinery IPO goes live, marking the first refinery ever offered on the Nigerian stock market in the Exchange’s 66-year history.

According to report, this Africa's largest refinery IPO offers 4.1 billion shares at ₦525 each to raise up to ₦2.15 trillion ($1.6B), valuing the 700,000 bpd refinery at around $47B, with proceeds funding expansion to 1.4M bpd by 2029.

The month-long offer targets retail investors with a low minimum of 10 shares, following a heavily oversubscribed private placement, aiming for broad African ownership and November trading start.

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