Three of Nigeria’s top law firms have taken the lead roles on the listing of Africa’s largest oil refinery, in what is set to be the continent’s biggest-ever IPO.
Banwo & Ighodalo, AELEX and Olaniwun Ajayi LP are all advising on the IPO of Dangote Petroleum Refinery & Petrochemicals, which is owned by Nigerian billionaire businessman Aliko Dangote, Africa’s richest man.
A release announcing the IPO says it is expected to raise as much as ₦2.15trn ($1.6bn), which reportedly values the business at $49bn. The IPO is expected to open on 14 September, subject to regulatory approvals.
AELEX, which operates from three offices across Nigeria, is acting as co-joint solicitors to Dangote Petroleum Refinery, alongside fellow Nigeria heavyweight Olaniwun Ajayi LP.
Olaniwun Ajayi, which also has an office in London, has tier one rankings across banking, finance and capital markets, commercial corporate and M&A, dispute resolution and energy and natural resources in the Legal 500 Nigeria rankings.
Meanwhile, Banwo & Ighodalo is acting as sole solicitor to the issuer, with a team led by founding partner Asue Ighodalo and corporate finance specialist Azeezah Muse-Sadiq.
The firm also holds an array of top-tier spots in Legal 500’s Nigeria rankings, including commercial, corporate and M&A, banking, finance and capital markets and energy and natural resources.
Dangote, which currently has a refining capacity of 700,000 barrels per day, is undertaking an expansion programme which is expected to double that amount by 2029.
The company also works with Clifford Chance, which advised on its $750m debut international bond issuance earlier this year. The CC team on that matter was led by global capital markets head Michael Dakin and US-qualified partner Johannes Juette.
