Dangote Petroleum Refinery and Petrochemicals FZE is launching a marketing blitz to attract 10 million retail investors for its IPO, targeting a $1.6 billion raise that closes on Oct. 13. Aliko Dangote, Africa’s richest man, aims to double the refinery’s capacity to 1.4 million barrels of crude daily by Q1 2029, which would make it one of the world’s largest. The IPO would increase retail investor accounts in Nigeria fourfold, from 2.7 million to 10 million, according to the Nigerian Exchange CEO.

Dangote plans to hold annual meetings in stadiums packed with tens of thousands of investors. His wealth could rise 64% to $58.6 billion, while retaining over 80% control. The offer allows a minimum investment of $0.40 for 10 shares at 525 naira each.

Marketing includes digital billboards in Victoria Island, Hausa jingles on Freedom Radio in Kano, and branded fuel tankers. Platforms like Bamboo and Cowrywise crashed during launch due to high demand. The refinery, built for $20 billion, benefits from disrupted Iranian fuel supplies, boosting diesel and jet fuel demand.

Regulatory approval allows raising up to $2.1 billion. The stock will list on the Nigerian Exchange in November, valuing the company at $49 billion.