Welcome back to Talks with Turnie. If you thought Episode 2 rustled feathers when we took down the digital health hype machine, buckle your seatbelts for today. Because today, we are taking on the biggest financial event in the history of African capital markets.

We are dissecting the Dangote Petroleum Refinery Initial Public Offering.

Right now, the headlines across Lagos, London, and Johannesburg are screaming. Nigeria’s Securities and Exchange Commission (SEC) has approved the listing. The order book opens at ₦525 a share, putting up 4.1 billion ordinary shares to raise an astronomical ₦2.15 trillion—over $1.6 billion in fresh equity. The entire enterprise is being floating at an implied market valuation pushing between $40 billion and $50 billion.

Let that number sink in. That is la ...