Aliko Dangote has launched an initial public offering for his oil refinery, which analysts describe as Africa’s largest share sale. The offering covers 4.1 billion ordinary shares at $0.40 each and runs through October 13. If fully subscribed, it could raise about $1.6 billion, with a potential increase to roughly $2.1 billion if an oversubscription option is exercised. The IPO is open to ordinary Nigerians, who can buy from as few as 10 shares. The refinery, which cost $20 billion, began operations in 2024 and has transformed Nigeria’s domestic fuel market. It has also benefited from stronger demand for jet fuel linked to disruptions from the Iran war. The IPO values it at approximately $47 billion.