LAGOS — Aliko Dangote, Africa's wealthiest individual, will launch an initial public offering for his Nigerian oil refinery next week, aiming to raise $1.6 billion and offer ordinary Africans a stake in the continent's largest industrial project.

The offering, scheduled to begin Sept. 14, will seek up to 10 million shareholders across African nations. Dangote Petroleum Refinery Petrochemicals will allow investors to purchase a minimum of 10 shares at 525 naira each, with a target of raising 2.15 trillion naira, equivalent to $1.6 billion. The offering closes Oct. 13.

At a signing ceremony in Lagos on Monday, Dangote said fundraising was a secondary objective. "It's not really about raising funds. It's about getting our own Africans generally to be part and parcel of this refinery," he said. He compared the opportunity to early investments in Amazon and said he wants ordinary people to hold the refinery as a long-term asset.

"We are creating big corporations where we don't want to be the only people enjoying. We want to spread this enjoyment to the rest of Africa," Dangote said. He estimates the offering will become the largest IPO in African history.

The refinery, on the outskirts of Lagos, began operations in 2024 and is one of the world's largest single-train refineries. It is part of Dangote's business conglomerate, which includes cement, sugar and fertilizer production.

IPO proceeds will help finance a further expansion to increase capacity and strengthen the refinery's position as a major supplier of petroleum products. Nigeria leads Africa in crude oil production. With expansion, the refinery is projected to become the world's largest by 2028. Dangote has announced plans to extend operations into Ethiopia, Kenya, Tanzania and Namibia.

The IPO structure targets small investors, including those with lower incomes. David Bird, CEO of Dangote Petroleum Refinery Petrochemicals, said the company is focused on retail participation. "We want to drive retail participation so that all Nigerians, no matter their income or status, can be a part of the wealth creation that will come from this immense industrial project and business that is not only currently operating at scale, but is growing," Bird said.

The company is expanding its presence across Africa, establishing tank farms in Namibia and a pipeline network.