Nigeria: Dangote Refinery Sets IPO Price At $0.40 Per Share After SEC Approval

Dangote Petroleum Refinery has received approval from Nigeria’s Securities and Exchange Commission to sell 4.1 billion shares at ₦525 ($0.40) each, clearing the way for an initial public offering that could raise about ₦2.15 trillion, or $1.6 billion. The order book is expected to open on September 14, putting the company on course for one of Africa’s largest public offerings.

The SEC also registered the refinery’s existing 120.13 billion ordinary shares and cleared its draft offer documents….