Africa's richest man, Aliko Dangote, has nearly completed a $2.5 billion private share placement for Dangote Petroleum Refinery & Petrochemicals FZE ahead of its planned initial public offering (IPO). According to a Bloomberg report, the deal values the Lagos-based refinery at about $40 billion, with Dangote selling up to a six per cent stake in the company.

The share placement reportedly attracted about $4 billion in investor demand, exceeding the $2.5 billion offer. Sources familiar with the transaction said the fundraising was carried out in phases and marks a significant step toward what is expected to be Africa's largest IPO, although Dangote Industries declined to comment on the deal.