Africa’s richest person Aliko Dangote, is opening up his privately controlled oil refinery to public shareholders on Monday, September 14 for the first time in what is expected to be the biggest IPO in the continent’s history. The cement magnate is offering individual investors up to 4.1 billion shares (or 3.3% of the company) at 40 cents each (525 Nigerian Naira), with the order book closing on October 13 at a 10-share buy minimum, an exceptionally low entry requirement of roughly $4. The stock is expected to start trading on the Nigerian Stock Exchange in November.
“We have D-Day on Monday,” Dangote recently told Forbes, explaining how he didn’t know until very late when exactly the IPO would get underway so will now be late to an investment summit in Canada that he promised Prime Minister Mark Carney he’d attend.
He wouldn’t miss this historic day in Nigeria for anything. As Dangote tells it, this milestone is as much about boosting the wealth of local Africans as it is about raising money. (According to the 2026 UBS Global Wealth Report, Africa has the smallest share of global wealth.) “Selling these shares now is us making sure that we create wealth for other people,” says Dangote, “Just like what Amazon and Microsoft have done. That kind of thing but for an African company.”
Read the full story on Forbes: https://www.forbes.com/sites/gigizamora/2026/09/14/d-day-for-dangote-africas-richest-man-is-20-billion-richer-as-refinery-ipo-gets-underway/
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