Dangote Refinery IPO: $1.6B raise to fund capacity doubling, retail access questioned

Dangote Industries plans a $1.6 billion IPO to fund a $14.3 billion expansion doubling refinery capacity, potentially offering shares to millions of Nigerians. The move is a major capital markets event in Africa, but affordability and governance concerns cloud the retail investor pitch. The IPO's success will test Nigeria's market depth and investor confidence in the refinery's economics.