Dangote Said to Seek $50 Billion IPO Valuation for Refinery Arm

Aliko Dangote, Africa’s richest person, is targeting a valuation of as much as $50 billion in a planned listing of his refinery business this year as higher oil prices boost its prospects, people with knowledge of the matter said.

Dangote Petroleum Refinery & Petrochemicals FZE could sell as much as a 10% stake through the Nigeria listing, implying an offering size of up to $5 billion, the people said. A senior Dangote executive said the amount is in line with the company’s current thinking, declining to comment on further details.