Dangote, Nigeria's oil tycoon rewriting Africa's story

Nigeria’s Aliko Dangote, Africa’s richest man, is edging toward what could be the continent’s biggest IPO as the application window closes Tuesday. Dangote planned to raise $1.6 billion to expand his flagship mega-oil refinery to become the world’s largest, and the offer—dubbed “the people’s IPO”—was extended by weeks to broaden participation. Despite the delay, demand has already reached more than three to four times the target. Shares cost $0.40 each, with a minimum 10-share investment for $4. Proceeds will help double capacity at the Lagos-based 700,000-barrel-per-day refinery. Born into a legacy of Alhassan Dantata, Dangote, 69, is valued at $35.7 billion by Bloomberg and $51.3 billion by Forbes.