Nigeria: Dangote refinery closes “historic” IPO

Dangote Petroleum Refinery, based in Lagos and owned by businessman Aliko Dangote, has closed what is described as Africa’s largest initial public offering. The company says it attracted investors from 120 countries but has not disclosed how much it raised; its target was $1.6 billion. Dangote said earlier this month that the target had been exceeded by “more than three or four times.” The refinery can process 700,000 barrels per day and aims to double capacity to 1.4 million barrels, potentially making it the world’s largest.