Africa's richest man, Aliko Dangote, is seeking $1.6 billion from investors to fund a major expansion of his oil refinery, but analysts say the offer may be unaffordable for ordinary Nigerians.
Thousands of first-time investors say they bought stock in the refinery owned by Africa's richest man, Aliko Dangote, in a wave of enthusiasm over national pride and potential profit.
The $19 billion Nigerian refinery is seeking $1.6 billion from retail investors across the continent, in an offering that values the company at roughly $49 billion.
Aliko Dangote's $19 billion Nigerian oil refinery seeks $1.6 billion from retail investors in an offering valuing the plant at roughly $49 billion.
The Nigerian oil refinery plans to open itself to public ownership across the continent, according to a report by France 24.
A report from Anadolu Agency (Turkey) sets out the main available details, with claims kept attributed to their sources.
Africa's richest man, Aliko Dangote, listed his Lagos oil refinery on the stock exchange Monday, billed as the continent's largest.
According to Le Monde, the Lekki refinery is set to list on the Lagos Stock Exchange on Monday, September 14, an operation that could become the largest initial public offering ever conducted in Africa.