Nigeria's Dangote Refinery Raises $1.6B in Africa's Biggest IPO

Africa's largest oil refinery, Dangote Refinery, has opened to public ownership in Nigeria, with plans to raise $1.6 bln from retail investors. Aliko Dangote, Africa's richest man, retains 87% ownership and dubbed the IPO "for the people." Retail investors can buy shares for $4 each with a minimum of 10 shares. The refinery, which has transformed Nigeria from an oil importer to exporter, has generated excitement among investors. The IPO is seen as a game-changer for Nigeria's markets, with millions of new investors expected.