Africa's Richest Man Aliko Dangote Launches Continent's Biggest Share Sale
BBC News reported on September 14 that Nigerian billionaire Aliko Dangote, Africa’s richest man, has announced the largest share sale in African history, aimed at letting ordinary investors share in the growth of his refinery business. The core asset in the offering is the Dangote Refinery, one of Africa’s largest refineries and the flagship asset of Dangote Industries Limited. Dangote said at the press conference that he hopes the offering will let ordinary Nigerians and Africans share in the refinery’s success. The deal is not only a major reshuffle of Dangote’s personal wealth structure but also a landmark event in the history of African capital markets, and could have a profound impact on the financing model of African multinationals and on the maturity of local capital markets.