Nigeria’s SEC approves about $1.6bn Dangote Refinery IPO

Aliko ​Dangote told a business meeting in Botswana on Thursday that he aimed to build the refinery, ​which does not ⁠publicly disclose detailed financial results, into one of Africa's largest companies, generating more than $12 billion in earnings before interest, tax, depreciation and amortization (EBITDA).

The 650,000-barrel-per-day refinery, built at a cost of about $20 billion on the outskirts of Lagos, has transformed Nigeria's fuel ​market and emerged as a major beneficiary of supply disruptions linked to the Iran war, exporting jet fuel across ⁠Africa and into Europe."With SEC approval now secured, the refinery is poised to embark on a historic public offering that could ​significantly broaden investor participation in one of Nigeria's most transformative industrial ventures," the company said in the statement.