Dangote refinery takes a step toward Africa’s biggest IPO

Aliko Dangote and his advisers signed the documents needed to begin selling a stake in his Nigerian refinery, setting up an IPO expected to raise about $1.5 billion to $1.6 billion. The offer is due to open later this month, with trading on Nigeria’s stock exchange expected in November—turning a major privately held industrial business into a listed company. An IPO is more than a way to raise money: it gives local pension funds and individual investors a chance to own part of a refinery that has quickly become important to Nigeria’s fuel supply. The deal will test both investor appetite for the business and Nigeria’s ability to absorb a record-scale domestic share sale.