Aliko Dangote, president of Dangote Group, has nearly completed a $2.5 billion private placement for his oil refining business, people familiar with the matter told Bloomberg, clearing the way for what is shaping up to be Africa’s biggest initial public offering.
Africa’s richest person sold a stake of up to 6 per cent in Dangote Petroleum Refinery & Petrochemicals FZE, the people said, asking not to be identified because the details aren’t public.
The pricing implies a valuation of roughly $40 billion for the company, which owns the 650,000-barrel-a-day refinery on the outskirts of Lagos, the largest single-train facility of its kind in the world.
The placement was oversubscribed within weeks of opening. Femi Otedola, the FirstHoldCo chairman, committed $100 million and told reporters he liquidated his entire holding in Geregu Power Plc to fund it.
Nigeria’s pension regulator also cleared retirement funds to participate for the first time, opening
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