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Egypt's investment minister toured Aliko Dangote's Lagos refinery as Africa's richest man weighs investing up to $15 billion in Egyptian refining and petrochemicals.
Orders from Nigerian and retail investors alone have covered the $1.6 billion target of Aliko Dangote's refinery IPO, as foreign buyers seek stakes.
Renaissance Capital now values Africa's biggest refinery at ₦700.41 a share, which would make Aliko Dangote's stake worth about $55 billion.
Africa's richest man says retail buyers putting ₦50,000 or less into his oil refinery's record IPO will be served first if the offer is oversubscribed.
Nigerian billionaire Aliko Dangote promises to list his planned East African refinery on the Nairobi bourse, a day before breaking ground in Lamu.
A US refiner with more capacity than Dangote's is worth about $16 billion. A Turkish one is worth $12 billion. Aliko Dangote is asking investors for $49 billion and his chief executive says the comparison is the wrong one.
Dangote's refinery has applied for a $5 billion IPO aimed at Nigerian retail investors, with no foreign listing for at least three years.
Aliko Dangote's refinery cut ex-depot petrol prices to ₦1,250 per liter and diesel to ₦1,700, the second reduction in a week as crude eased.
Satellite images show Nigeria's Dangote refinery and Benedict Peters' Aiteo operation are the biggest beneficiaries of the Hormuz crisis, even as an oil theft mafia costs the country billions annually.
NNPC filed a counter-affidavit in Lagos arguing Dangote refinery's petrol prices are significantly high and fluctuating, and that competition from imports must continue to protect consumers.
S&P upgraded Nigeria's sovereign credit rating to B from B-, specifically naming the Dangote Refinery's ramp-up to near full capacity as a key driver of the country's improving economic outlook.
Femi Otedola confirmed he sold his Geregu Power stake to fund a $100 million investment in the Dangote Petroleum Refinery IPO as demand for the offering approaches $2 billion.
Aliko Dangote told reporters at the Lekki refinery the IPO will launch in September with private placement requests already approaching $2 billion.
Aliko Dangote told the CEO of Norway's sovereign wealth fund he plans to invest $45 billion more and double his refinery capacity to 1.4 million barrels per day within 30 months.
Dangote Petroleum Refinery filed a new lawsuit seeking to cancel petrol import licences issued to six marketers and NNPC despite the refinery supplying nearly 80% of Nigerian fuel demand.
Aliko Dangote has turned down NNPC's bid to lift its 7.25% stake in his $20 billion Lekki refinery, planning a public listing instead.