The Dangote IPO is the biggest ever in Africa, offering up to 10mn Nigerians shares at ₦525 ($0.40) each to raise $1.6bn and value the refinery at nearly $50bn. The 700,000 bpd refinery on Lagos swampland ended Nigeria's decades of exporting crude and importing fuel, and is credited with easing European jet fuel shortages during the Iran war. A 3.3% free float and a premium over July's private placement raise liquidity and valuation concerns, though Dangote plans to double capacity by 2028-29.

The IPO is framed as Nigeria's "Tell Sid" moment for popular capitalism, but risks pricing retail investors against current windfalls. Aliko Dangote argues African capital should fund African infrastructure, yet $4tn in African financial assets largely sits in government debt. Dangote's success highlights chronic gaps in roads, ports, and power, and resistance from state companies and tax shakedowns. The test is whether governments enable private businesses to scale.