Dangote refinery IPO could raise $1.6 billion at nearly $50 billion valuation

Aliko Dangote’s petroleum refinery and petrochemicals company is expected to raise about $1.6 billion in an IPO opening September 14, valuing the business at almost $50 billion. Dangote’s net worth was projected to reach as much as $58 billion after the offering.

The company plans to double the capacity of its Nigerian refinery and build a processing plant in Kenya. The refinery reached full capacity this year, and Nigeria became a net refined-fuel exporter for the first time. The offering was viewed as evidence that African entrepreneurs can build world-scale businesses and could catalyze further investment on the continent.