Nigerian billionaire Aliko Dangote has initiated what is being described as the largest initial public offering on the African continent. The proceeds from listing 4.1 billion shares of his Lagos-based refinery have been marketed as a “people’s IPO,” a move designed to allow everyday Nigerians to participate in the financial potential of the industrial asset.
Share trading for the refinery is scheduled to commence in November. The launch of this massive share sale comes against a backdrop of rising global oil prices, exacerbated by attacks from Yemen’s Houthi rebels that recently compelled Saudi Arabia to shut down its East-West pipeline.
Does November trading start before or after the festive season rush? Financial markets here get chaotic during holidays.
Interesting timing with oil prices spiking. Hope the ‘people’s IPO’ isn’t just marketing spin for retail investors.
Finally, a chance for ordinary Nigerians to own a piece of this massive industrial success story.