Dangote refinery secures $2.5 billion private share placement, eyes August IPO
via Punch Nigeria11 min read
Africa's richest man, Aliko Dangote, has nearly finalized a $2.5 billion private share placement for Dangote Petroleum Refinery & Petrochemicals FZE. This move precedes what is anticipated to be Africa's largest initial public offering, with the refinery owner selling up to a six percent stake, valuing the Lagos-based facility at approximately $40 billion. The fundraising attracted significant investor interest, with demand reaching around $4 billion, exceeding the shares offered. This private placement follows a recent $750 million debt offering for the refinery, which currently processes about 700,000 barrels of crude oil daily. The upcoming IPO, expected as early as August pending market conditions and regulatory approvals, could raise an additional $1.5 billion to $2 billion. Dangote is reportedly prioritizing African participation in both the private placement and the public offering, aiming for greater regional ownership in the continent's industrial development. The IPO will be marketed to Nigerian, other African, and international retail investors. Proceeds from the fundraising are intended to double the refinery's processing capacity to 1.4 million barrels per day by 2028, positioning it among the world's largest refining complexes. Commissioned in 2023, the Dangote Petroleum Refinery aims to reduce Nigeria's reliance on imported refined petroleum products and has become a strategic supplier across Africa.
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Actress and adult entertainment consultant, Seyi Hunter, highlights Nigeria's complex relationship with sexuality, noting that many Nigerians privately consume sexual content despite public denials. In an interview with Saturday Beats, Hunter described this behavior not as hypocrisy, but as Nigerians being private individuals, often leading "double lives" to align with societal or religious expectations. She pointed out that Nigeria frequently tops charts on adult entertainment sites, yet few admit to watching such content. Hunter also emphasized the importance of communication for sexual compatibility in relationships, stating that 50 percent of sex and intimacy relies on it. She shared a personal experience, noting that attraction alone does not guarantee compatibility.
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