Ralph Mupita

The read

Dangote’s refinery already reversed Africa’s oldest extraction wound: a crude exporter that finally stops re-importing its own fuel. Now a ~$4bn IPO at a ~$40bn valuation promises to reverse a second wound — foreign ownership of the continent’s biggest assets — by inviting ‘every African to own a share’. The refinery is a genuine value-capture triumph. Whether the float delivers distributed ownership, or a powerful ownership narrative over a cap table that stays concentrated, is the test worth watching.