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.