Dangote to Sell About 10% of Refinery in IPO Across Africa

Aliko Dangote plans to sell about 10% of his oil-refining company on multiple African stock exchanges to help fund the next phase of the tycoon’s business empire.

Dangote Petroleum Refinery and Petrochemicals Fze will pay dividends to shareholders in dollars following the IPO, Dangote said in a brief interview in Washington on Thursday. The company has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd. and FirstCap Ltd. to advise on the IPO.