Dangote Refinery’s IPO closes with investors from 120 countries

A Nigerian oil refinery owned by Africa’s richest man Aliko Dangote has closed the continent’s biggest initial public share offering, claiming to have raised funds from investors in 120 countries.
The IPO for the Lagos-based Dangote Petroleum Refinery was initially due to close on October 13 but was extended by two weeks to allow more Africans to participate.
The company did not disclose how much money was potentially raised by the offering, after saying its target was $1.6 billion.
But Aliko Dangote said earlier this month that it had exceeded that goal by “more than three, four times”.
“This is a historic achievement for Africa. It shows what is possible when we believe in our c...