Aliko Dangote, Africa's richest person, is set to add an estimated $23bn to his fortune through the flotation of Dangote Petroleum Refinery and Petrochemicals on the Nigerian stock exchange, the continent's largest-ever initial public offering. The listing, which Dangote has billed as "an IPO for the people," aims to attract both institutional and retail investors, with the process potentially raising his net worth from $35bn to nearly $60bn if fully subscribed.

The IPO opened on Monday with a minimum subscription of just 10 shares at 5,250 naira (£2.94), and subscriptions close on 13 October, with heavy marketing aimed at young Nigerians via banking and fintech platforms. If fully subscribed, the refinery's value could reach roughly 65.22tn naira (£36.5bn). The $20bn Lagos refinery, opened in January 2024, turned Nigeria into a net exporter of refined fuel and has benefited this year from global supply disruptions linked to the war in Iran, with Brent crude hitting $108 a barrel. Dangote, 69, who built his fortune in cement and sugar and has faced criticism over his political influence and near-monopoly status, says profits will help fund a wider $100bn industrial push, including a planned $17bn refinery complex in Lamu, Kenya.