Billionaire Aliko Dangote on Monday launched the initial public offering (IPO) of his oil refinery, opening ownership of Africa’s largest refinery to retail investors while raising funds for its expansion.

The offer comprises 4.1 billion ordinary shares priced at N525 each. The offer opened at 8:00 a.m. local time on Monday and will close on October 13.

If fully subscribed, the IPO is expected to raise N2.15 trillion ($1.6 billion). The proceeds could rise to about $2.1 billion if the offer is oversubscribed and the company exercises its greenshoe option.

Built at a cost of about $20 billion on the outskirts of Lagos, the Dangote refinery began operations in 2024 and has significantly reshaped Nigeria’s fuel market. The 700,000-barrel-per-day facility currently supplies a large share of Nigeria’s domestically produced petrol and is targeting an expansion to 1.4 million barrels per day by 2029.

The refinery has also benefited from disruptions in global fuel supplies linked to the Iran war, which boosted demand for its jet fuel in African and European markets.

Dangote has marketed the IPO to ordinary Nigerians, who can buy as few as 10 shares through fintech platforms and other digital investment channels.