Lagos: Nigerian billionaire Aliko Dangote has launched the initial public offering (IPO) of his oil refinery, seeking to raise about 2.15 trillion naira ($1.62 billion) for a major expansion. The company is offering 4.1 billion ordinary shares at 525 naira ($0.40) each, with the subscription period running from September 14 to October 13. Retail investors can take part in the offering with a minimum purchase of 10 shares, according to the refinery's official IPO platform. The transaction is expected to become the largest public share sale ever carried out in Africa.

According to Anadolu Agency, the Dangote refinery, which began operations in 2024, currently has a processing capacity of around 700,000 barrels of crude oil per day. The company plans to double that capacity to about 1.4 million barrels per day as part of its next investment phase. Since starting production, the refinery has reduced Nigeria's dependence on imported petroleum products and significantly increased the country's fuel exports. It has also expanded jet fuel shipments to Europe and other African markets as Middle East supply disruptions reshaped global trade flows.

Proceeds from the IPO are expected to support capacity expansion and further strengthen Nigeria's role as a regional refining and fuel-export hub.