Aliko Dangote and his financial advisers have signed registration documents for the initial public offering of his refinery business, marking a key step toward launching Africa's biggest share sale. Dangote Petroleum Refinery and Petrochemicals FZE aims to raise $1.6 billion through an offer of 4.1 billion shares at 525 naira ($0.40), valuing the company at $49 billion. The IPO is scheduled to open on Sept. 14 and close on Oct. 13.

This development positions Dangote as Africa's richest man taking a pivotal step toward dominating the continent's capital markets. The registration documents were filed with major investment banks, though specific names were not disclosed in the report. The scale of the offering, involving 4.1 billion shares, represents a significant milestone for African corporate finance.

The timeline indicates strong investor interest expected during the three-week subscription period. Market analysts anticipate this IPO will set a new benchmark for large-scale equity offerings across Africa's emerging economies.