Dangote Refinery Opens Africa's Biggest IPO in Nigeria

Dangote Refinery has opened an initial public offering (IPO) on the Nigerian Exchange, aiming to raise N2.15 trillion and valuing the company at $47 billion. This is Africa's largest IPO, allowing Nigerians to buy shares in the refinery. The offering has drawn overwhelming interest, with two investment sites overwhelmed by demand. Stockbrokers expect the IPO to be oversubscribed. The listing comes as Nigeria rejoins the JP Morgan bond index after 11 years.