Nigeria's Dangote oil refinery plans to spend $14.3 billion to double its processing capacity, the company disclosed on Monday as it signed documents for its initial public offering, slated to be Africa's biggest ever.

The expansion programme, due to be complete by 2029, would increase the refinery's ​capacity to 1.4 million barrels per day from 700,000 currently, the prospectus for its IPO on Nigeria's ​main stock exchange said.

The IPO aims to raise about 2.15 trillion naira ($1.63 billion), largely ⁠targeting retail investors, and will run from September 14 to October 13, a presentation at Monday's signing ​ceremony showed.

The shares may start trading in late November, according to an indicative listing timetable.

DANGOTE'S SPRAWLING EMPIRE

The refinery, ​which began operations in 2024, is part of the sprawling business empire of Africa's richest man Aliko Dangote that also includes cement and sugar assets.

Built at a cost of about $20 billion on the outskirts of Lagos, it has reshaped Nigeria's fuel market ​and benefited from supply disruptions linked to the Iran war, exporting jet fuel across Africa and into Europe.

Aliko Dangote said at Monday's ​signing ceremony that while the refinery had profited from the conflicts in the Middle East and Ukraine, its investments would be ‌sustainable ⁠over the long term.

He said United Arab Emirates state oil company ADNOC (ADNOC.UL) was interested in investing in the plant alongside others but declined to elaborate, citing non-disclosure agreements.

ADNOC did not immediately respond to a Reuters request for comment.

REFINERY SWUNG TO PROFIT IN FIRST HALF

The IPO prospectus also showed the refinery made an after-tax profit of $1.82 ​billion in the first half ​of 2026, compared with ⁠a $476 million loss for all of 2025.

It is initially offering 4.1 billion ordinary shares at 525 naira each but has a "greenshoe option" whereby it could sell ​up to 30% more if demand exceeds that amount.

"The intent is very much ​the people's IPO, ⁠drive wide participation, enable Nigerians and the Nigerian diaspora, and Africans more broadly, the opportunity to participate in this wealth creation that comes from such an iconic industrial asset, like the Dangote refinery," David Bird, chief executive of ⁠the refinery, told ​Reuters.

Aliko Dangote, with a net worth estimated at up to $35 billion, ​also plans to build a refinery on Kenya's coast in partnership with East African governments.