Hot take: The Dangote Refinery IPO looks more like a price-discovery exercise than a liquidity event.
If liquidity were the objective, a dual listing on the NGX and LSE would make more sense and unlock deeper pool of funding but that would likely require him floating 25% in London.
Think about it. Domestic listing will generate say $1bn at best and the refinery alone generates more than that annually at the EBITDA level and has already secured $4bn+ from Afreximbank.
The main purpose of the IPO is to anchor public market value to accelerate the trajectory toward a $100bn net worth and not some civic duty like he’s framing it.
Participate all you wish in his IPO but be clear about incentives LOL. Dangote doesn’t give a fuck about any of you