Nigeria’s blockbuster IPO

illuminem summarises for you the essential news of the day, reviewed by our editorial team. Read the full piece on The Economist or enjoy below:

🗞️ Driving the news: Aliko Dangote listed his refinery business on the Nigerian Exchange on Monday at a valuation near $48 billion, in what is expected to be Africa's largest-ever IPO
• The offer seeks $1.6 billion by 13 October, selling 4.1 billion shares at N525 each
• A minimum purchase of ten shares targets 10 million retail investors, in what Dangote calls "the people's IPO"

🔭 The context: The Lekki refinery began operations in 2024 and now processes around 700,000 barrels a day, above Nigerian domestic demand, and started exporting fuel earlier this year
• Proceeds fund a doubling of capacity to 1.4 million barrels a day, which would make it the world's largest refinery, surpassing Reliance's Jamnagar
• The company moved from a loss in 2025 to roughly $1.8 billion profit after tax in the first half of 2026, with utilisation rising from about 45% to 83.6%

🌍 Why it matters for the planet: Nigeria has long exported crude and imported refined fuel, and domestic refining removes that round trip along with its shipping emissions, while displacing the high-sulphur products historically sold into West African markets
• Doubling capacity builds fossil infrastructure with decades of operating life, financed partly by retail savings, at a point when refining margins are inflated by the Iran and Ukraine wars rather than by structural demand

⏭️ What's next: The offer closes 13 October, with listing expected in late November
• The full expansion programme is valued near $14.3 billion, with IPO covering a fraction
• The public stake represents roughly 3.3% of enlarged capital

💬 One quote: The IPO is "not simply about listing a company. It is about listing a new possibility for Nigeria, and for Africa" — Aliko Dangote

📈 One stat: 700,000 barrels a day today, rising to a planned 1.4 million.

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