Africa's biggest oil refinery opens to public ownership, sparking excitement among retail investors

LAGOS, Nigeria (AP) — Nigerian industrialist Aliko Dangote opened his refinery to public ownership Monday with plans to raise $1.6 billion from retail investors across the continent in Africa’s biggest initial public offering, or IPO.Dangote, Africa's richest man, dubbed the IPO one "for the people” and said he wants everyone to be able to own a share. Retail investors can buy shares in the sprawling Lagos-based refinery for 5,250 naira ($4) per share with a minimum purchase of 10 shares. Dangote retains 87% ownership of the refinery, Africa's largest.The refinery's scale and potential returns, especially at a time when global oil prices have risen following the U.S.-Iran war, have generated excitement among retail investors.“I will be a fool not to partake in it and see how it goes. I am placing a lot of emphasis on his name and on the refinery being the biggest in Africa,” Titi Adetoye, an Abuja-based operations manager who hopes to buy up to 1,000 shares, told The Associated Press.P