Aliko Dangote, Africa’s richest person, is planning to sell roughly 10% of his oil-refining company on multiple African stock exchanges. The move is intended to fund the next phase of his business empire and could mark a turning point for capital markets on the continent.
The initial public offering comes nearly five decades after a landmark share sale in Asia that created the region’s wealthiest individual. In 1977, Dhirubhai Ambani sold shares in Reliance to thousands of domestic investors, reshaping India’s equity culture.
Now, Dangote’s listing could have a similar transformative effect in Africa, potentially drawing in a new wave of local and international investors and deepening the region’s financial markets.