Nigeria's Dangote oil refinery is set for Africa's biggest ever market listing as it seeks to raise about $5 billion through an initial ​public offering expected to conclude in October, a source with knowledge of the plan told Reuters. Dangote now plans to raise funds to expand the capacity of the 650,000-barrel-per-day Lagos-based refinery and replicate its success with a similar facility in Kenya. $40 BILLION VALUATION LOOKS AMBITIOUSThe source did not have information on how big a stake would be offered to the public or the potential valuation. The Dangote refinery, which cost around $20 billion, started operations in 2024 before attaining full capacity earlier this ​year. Aliko Dangote, 69, ⁠said in April the refinery was aiming to raise its output to 1.4 million barrels per day.