Nigeria: Dangote aims to raise $1.5 billion to double refinery capacity

Dangote's refinery, located in Lekki near Lagos, plans to raise $1.5 billion in its IPO on September 14, with a price set at 525 naira per share. The funds will be used to double its production capacity, currently at 650,000 to 700,000 barrels per day, to 1.4 million barrels per day. This operation could become the largest IPO ever conducted in Africa, following a $2.5 billion private placement completed in July.