Commodities
Dangote's Nigerian Refinery IPO Raises Hopes for Kenya's Lamu Project
Aliko Dangote's Nigerian refinery IPO has opened, raising hopes for Kenya's proposed Lamu refinery. The share sale offers 4.1 billion shares at ₦525 each and targets about ₦2.15 trillion, or US$1.6 billion.
The IPO will fund the expansion of Dangote's Nigerian refinery, which currently has a processing capacity of about 700,000 barrels per day. The company plans to double that capacity by 2030.
Dangote is also preparing to build a similar-capacity refinery in Lamu, with the groundbreaking ceremony scheduled for September 30. However, the IPO does not mean the Lamu project is fully financed, as it will still need crude oil and infrastructure investment.