Nigeria's Dangote Launches Africa's Biggest-Ever Share Sale
Nigerian billionaire Aliko Dangote has kicked off the largest share sale in African stock market history, listing shares of his Lagos oil refinery. Trading is set to begin in November.
Nigerian businessman Aliko Dangote has launched the biggest share sale ever conducted on the African continent, listing 4.1 billion shares of his Lagos-based oil refinery on the stock exchange. Dangote described the move as a "people's IPO," aimed at giving ordinary Nigerians the opportunity to share in the plant's future profits.
Trading of the shares is expected to begin in November. The refinery, owned by Africa's richest man, is considered one of the continent's largest private investment projects.
Oil prices rise after attacks in Saudi Arabia
Alongside the developments surrounding the Dangote IPO, global oil prices have continued to climb. The increase follows attacks by Yemen's Houthi rebels, which forced Saudi Arabia to shut down its East-West oil pipeline. The pipeline is a key piece of infrastructure for Saudi oil exports, and its closure is adding further pressure to global energy markets already affected by price volatility.
