Dangote refinery set for Africa's biggest IPO Stock exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda have held a series of meetings with Dangote advisers in recent months. Business 17 min ago

5 billion private placement for a 6 percent stake in the refinery last month gave the business a valuation of around $40 billion, the second source with knowledge of that deal said.

The first source said the IPO's target was $5 billion but cautioned that the final figure would depend on what the Nigerian regulator approved as the primary listing will be on the Nigerian Stock Exchange.

Nigeria's Dangote oil refinery is set for Africa's biggest ever market listing as it seeks to raise about $5 billion (about Sh646 billion) through an initial public offering expected to conclude in October, a source with knowledge of the plan told Reuters.