Nigeria's Dangote Group is selling 4.1 billion shares in its oil refinery to raise 2.15 trillion naira ($1.6 billion) in what is set to become Africa's largest initial public offering to date.

Here ​are some facts about the transaction:

* The Dangote refinery was built by Dangote Group, which ‌is controlled by Africa's richest man, Aliko Dangote, over a period of 10 years at a cost of $20 billion.

* Dangote first said he would offer the public shares in the 700,000 barrels-per-day facility last year, as the plant was ramping up production ​after starting operations in the previous year. It attained full capacity this year.

* The group has ​said it will price the deal at 525 naira per share, implying a valuation ⁠of about 63 trillion naira ($47.59 billion) for the refinery, which is known as the Dangote Petroleum Refinery & Petrochemicals ​FZE.

* The shares will be listed on Nigeria's main stock exchange.

* Refinery executives say the valuation is justified, ​citing growing demand for petroleum and fertiliser products on the continent and beyond, as well as its proximity to crude supply. Nigeria is Africa's biggest oil producer.

* Dangote sold $2.5 billion worth of shares in the refinery through a private placement in July, ​securing institutional investors like the Africa Finance Corporation.

* The offering targets retail investors, with the minimum subscription being ​set at 10 shares. Investors will be able to apply and pay for their shares through digital channels such as mobile ‌phones, ⁠to try to make it accessible to the local population and Nigerians living abroad.

* Dangote will use the cash raised to finance expansion, including a doubling of the capacity to process 1.4 million barrels-per-day, over the next three years.

* The group also wants to increase the ownership of the refinery and boost the ability of ​the business to raise funds ​from capital markets in ⁠the future, it said in a copy of the prospectus seen by Reuters.

* Dangote Group has declined to comment on the content of the prospectus, which will be ​published on Monday.

* Dangote's refinery has benefited from the disruption caused by the ​conflict in the Middle ⁠East to secure markets for its refined petroleum products in Africa and Europe.

* The refinery delivered a net profit of $1.82 billion in the first half of this year on revenue of more than $13 billion, the prospectus showed, up ⁠from a ​loss of $476 million in the whole of 2025.

* Investors will ​be able to apply to buy shares of the refinery until October 13 when the books will close. Trading for the shares could ​begin in late November, the prospectus showed.