Dangote Petroleum Refinery & Petrochemicals FZE is targeting about $5bn through an Initial Public Offering expected to conclude in October, with the proceeds earmarked to expand its Lagos refinery’s capacity to 1.4 million barrels per day.
Sources familiar with the transaction said the refinery had submitted an initial application to the Securities and Exchange Commission and was awaiting regulatory approval in the coming weeks. The company is expected to publish its prospectus in September ahead of the October share sale.