Dangote refinery's $47bn listing could reshape Nigeria's stock market

Africa’s richest man, Aliko Dangote, is taking his refinery and petrochemicals business public in what could become Africa’s largest-ever stock-market listing, with the company valued at about $47bn. The Dangote Refinery and Petrochemicals Company is offering 4.1 billion new shares on the Nigerian Exchange, seeking to raise about $1.6bn, with Nigerians able to buy as few as 10 shares. Dangote has described the sale as a way to spread prosperity by bringing millions of new shareholders into the business rather than simply raising money for the company. The listing could increase the Nigerian Exchange’s total market capitalisation from about $120bn to $165bn and double the number of shareholders to around 10 million. But the scale of the company also raises concerns about concentration, as Dangote Refinery and Petrochemicals could account for nearly a third of the exchange and leave the wider market more exposed to the fortunes of one business empire. Stockbrokers say the company's fundamentals are strong, while Nigeria's Securities and Exchange Commission has promised strict oversight of the offering. With investors required to buy a minimum of 10 shares in naira and dividends to be paid in US dollars, the listing is being presented as an opportunity for Nigerians to share in a major national business success story, although its longer-term impact on the market will become clearer once trading begins.

Al Jazeera's Ahmed Idris reports from Lagos.

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