Nigeria's Dangote refinery is preparing for what could be Africa's largest-ever initial public offering, targeting approximately $1.6 billion to fund a major expansion of its operations. The listing, approved by Nigeria's Securities and Exchange Commission for 4.1 billion shares, aims to finance a doubling of the refinery's capacity — from 650,000 barrels per day to 1.4 million, which would make it the world's largest refinery. Built at a cost of around $20 billion and located in Lekki (a coastal district of Lagos), the facility owned by billionaire Aliko Dangote opened its IPO order book on 14 September, with the listing seen as a bid to broaden investor participation in one of the continent's most ambitious industrial projects.