The Nigerian Dangote refinery extends its IPO

Nigerian refinery Dangote Petroleum has extended its stock market listing by two weeks until October 27 to broaden participation and allow ordinary Nigerians and Africans to buy shares. The initial goal was to raise $1.6 billion to double its capacity to 1.4 million barrels per day, making it the largest refinery in the world. Dangote stated that interest in the IPO exceeds the target by three or four times, emphasizing the number of participants over the amount. The company also recently launched a $16 billion refinery project in Kenya, producing 700,000 barrels daily.