00:00Nigeria's Dangote Refinery is preparing to go public in what could become Africa's biggest
00:06ever share sale as the company seeks funding to more than double its production capacity.
00:12The refinery, owned by Africa's richest Manaliko Dangote, is expected to raise around $1.6
00:19billion through the initial public offering. Nigeria's Securities and Exchange Commission
00:25has approved the sale of 4.1 billion shares. The funds will help finance plans to increase
00:32refining capacity from 650,000 barrels per day to 1.4 million potentially making the facility
00:40the world's largest refinery. Built at a cost of around $20 billion, the Leckie-based refinery
00:47reached full capacity earlier this year and has become a major supplier of refined petroleum
00:52products in Nigeria and across international markets. The IPO order book is expected to
00:58open on September 14.
