Nigeria’s SEC Approves Dangote Refinery IPO at ₦525 a Share

Nigeria’s Securities and Exchange Commission approved Dangote Petroleum Refinery’s initial public offering of 4.1 billion ordinary shares at ₦525 each, according to reports citing the company’s Friday statement. Full subscription could raise about ₦2.15 trillion, or roughly $1.6 billion. The SEC also registered the refinery’s existing 120.13 billion shares and cleared its draft offer documents, allowing the company to proceed to a completion-board meeting and signing ceremony; the shares are not yet trading. A company official said the Lagos-based refinery’s listing is expected on September 14.