Africa's richest man launches continent's biggest share sale

ByMansur Abubakar Reporting fromAbuja. 14 September 2026, 16: 47 BST.

Key points

• The Lagos refinery was first confirmed in 2013 with an initial estimated cost of around $19bn, but construction did not commence until 2017.
• This person informed the BBC he withdrew 50, 000 naira (£28; $37) from his savings to invest.
• Born in Kano, Dangote, 67, has a net worth of around $28bn, according to Forbes magazine.
• The site, in the Lekki Free Zone near Lagos, required massive land reclamation, with 65 million cubic metres of sand moved.
• The refinery has a processing capacity of 650, 000 barrels per day, making it the seventh-largest in the world.

Nigerian billionaire Aliko Dangote has introduced Africa's largest ever share sale, offering a stake in his oil refinery to the general public in a agreement that could raise as much as $2.1bn (£1.6bn).

For context, the initial public offering (IPO) is for roughly 3% of the Dangote refinery, with the billionaire saying he wanted to offer ordinary Nigerians the chance to share in the plant's success.

In practice, the refinery, which began production in 2024, is one of the largest in the world and took more than a decade to complete.

It now supplies more than 70% of Nigeria's energy consumption, and plenty of Nigerians have expressed excitement at the prospect of owning a part of it.

Among them is Isah Salisu. This person informed the BBC he withdrew 50, 000 naira (£28; $37) from his savings to invest.

"My hope is that my small funds will one day grow sizeable. I don't want to miss out as plenty of I know are additionally investing, " he noted.

For context, the IPO lasts for a month and the minimum purchase is 10 shares, costing regarding $4.

Economy and business expert Dr Abdulrazak Ibrahim Fagge informed the BBC that Monday's event was historic.

But he cautioned investors that the rate of the shares could fall, meaning individuals could lose some of their capital.

"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 remarked.

"They should invest something they could do without for the next three, four, five years."

He additionally cautioned individuals to be wary of scammers, saying there are residents who would want to take advantage of those without good knowledge of the process.

"I will advise people to only deal with the institutions that have been listed, " he remarked.

Nigeria is Africa's biggest oil producer but until the refinery was opened, most of the country's fuel had to be imported since of a lack of refining capacity in the country.

He created his fortune in cement and sugar in Nigeria before expanding to 16 other African countries. His firm Dangote Cement is Africa's largest cement producer.

Notably, the Lagos refinery was first confirmed in 2013 with an initial estimated cost of around $19bn, but construction did not commence until 2017. It was further delayed by the Covid-19 pandemic.

Meanwhile, the site, in the Lekki Free Zone near Lagos, required massive land reclamation, with 65 million cubic metres of sand moved.

Meanwhile, the refinery has a processing capacity of 650, 000 barrels per day, making it the seventh-largest in the world.

For context, the funds raised by the share offer is intended to assist double its capacity. You may additionally be interested in.

Why Nigerians are praying for the success of a new oil refinery. 'Nothing good was supposed to come out of me'.

Go to BBCAfrica.com, external for more news from the African continent.

Taken together, the developments around africa' s richest man launches continent' s biggest share sale point to a situation that is still moving, and the coming days should bring more clarity.