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Dangote Refinery, owned by billionaire Aliko Dangote in Nigeria, announced an initial public offering (IPO) to raise approximately $1.6 billion, the largest of its kind in Africa. Investment platforms such as "Pampor" and "Kauri Wise" experienced technical disruptions due to an unexpectedly high surge in investor demand, with the number of new accounts generated in a single week exceeding 40% of all accounts opened in May. The offering, which runs until October 13, aims to increase participation among individual investors, with a share price of 525 Naira (about 40 US cents). The total project value is approximately $50 billion. The subscription is available through various digital and banking channels and reflects investors' strong desire to own a stake in Africa’s largest recent oil project, set to begin operations in February 2024 with refining capacity of up to 700,000 barrels per day.
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