Dangote's Fortune Set to Jump $23 Bln on Refinery IPO

Summary

Bloomberg's Anthony Osae-Brown reports from Lagos on Aliko Dangote's planned IPO of his 700,000 barrel-per-day Nigerian refinery. The offer values the refinery at about $50 billion and is projected to add roughly $23 billion to Dangote's net worth, lifting him to as much as $58.2 billion. Osae-Brown notes the refinery was built for about $20 billion, is running near full capacity with plans to expand to 1.4 million barrels per day, and that Dangote's fertilizer company is expected to list next year.

• Dangote opens a $1.6 billion offer for his 700,000 barrel-per-day refinery, implying a roughly $50 billion valuation.
• The refinery cost about $20 billion to build and has been producing at near full capacity.
• Dangote has floated plans to expand refinery capacity to 1.4 million barrels per day.
• The listing is projected to add about $23 billion to Dangote's net worth, taking it to as much as $58.2 billion.
• That would be the highest ranking for an African on the Bloomberg Billionaires Index.
• Dangote's fertilizer company, currently at 6 million tons per annum, is expected to list next year with plans to double capacity to 12 million tons.