Nigerian billionaire Aliko Dangote launched Africa's largest initial public offering on Monday, opening the books on a roughly 3 percent stake in his massive oil refinery to raise up to $2.1 billion.

The Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion ordinary shares at 525 naira each, with a minimum purchase of 10 shares. The offer, which runs through October 13, is expected to raise about 2.15 trillion naira or $1.6 billion if fully subscribed, with potential for more through a greenshoe option. Shares are slated to begin trading on the Nigerian Exchange in November.

Dangote has framed the listing as a "people's IPO," emphasizing broad access for ordinary Nigerians and other retail investors across the continent. The low entry threshold and features such as Sharia-compliant options and potential dollar-denominated dividends aim to encourage widespread participation.

The refinery, built at a cost of around $20 billion on the outskirts of Lagos, processes 700,000 barrels of crude oil per day. It has supplied most of Nigeria's domestically produced gasoline since starting operations in 2024 and benefited from heightened demand amid global supply issues. Plans call for doubling capacity to 1.4 million barrels per day by 2029, supported in part by IPO proceeds.

A prior private placement in July raised $3.7 billion after heavy oversubscription, pushing the company's valuation near $42 billion and lifting Dangote's net worth by about $20 billion to over $50 billion. The current IPO values the refinery closer to $47-50 billion.

Dangote, Africa's richest man, built his fortune through cement, sugar, and other industries before developing the refinery. The listing marks the fourth Dangote subsidiary to go public in Nigeria and positions the company to potentially represent a large share of the Nigerian Exchange's market capitalization.

Early interest has been strong, with reports of millions committed within the first hour of the offer opening. The deal underscores the growing role of private enterprise in Africa's energy sector and capital markets.