Nigerian billionaire Aliko Dangote on Monday, September 14, launched Africa's largest share sale yet with the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, opening up ownership of the plant to retail investors and raising money for its expansion.

The IPO is Africa&039;s biggest yet and is expected to raise Rwf2.4 trillion ($1.63 billion). It will close on October 13.

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Rwanda Stock Exchange Limited (RSE) said the Dangote Petroleum Refinery IPO is being offered through the primary market in Nigeria, "though talks on cross/dual listing are ongoing."

"However, eligible investors in Rwanda may still be able to participate to the approved IPO through: United Capital Financial Services PLC, Rwanda,” RSE said in a statement to The New Times.

United Capital has gotten a licence from both the National Bank of Rwanda (BNR) and Capital Market Authority (CMA) and it's the company Rwandans can go through to buy shares in the refinery to be built in Kenya.

In August, President Paul Kagame said Rwanda would be happy to acquire a stake in the refinery.

"Rwandans, both institutional and retail investors, can now participate in the largest African IPO in capital markets history as United Capital Group plays a leading role in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals,” United Capital said in a statement sent to The New Times on Monday, September 14.

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While the offering involves a syndicate of issuing houses and stockbrokers across the continent, United Capital holds the unique distinction of being the only official transaction partner with an established, licensed corporate presence in Rwanda.

"If Dangote Petroleum Refinery eventually becomes dual-listed, its shares could be traded on both the Nigerian market and the Rwandan Stock Exchange," the RSE said.

"This would make it easier for investors in Rwanda to buy and sell the shares through the RSE."

The Dangote Petroleum Refinery IPO has value ranging between Rwf58.9 trillion ($40 billion) and Rwf73.6 trillion ($50 billion).

As the largest single-train petroleum refinery in the world, it will have a daily crude oil processing capacity of 650,000 barrels and produce refined fuels as well as petrochemical products such as polypropylene.

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"Apart from allowing investors to obtain equity in one of the continent’s major industrial assets, the refinery’s large hard-currency export revenues support its dividend policy, thus offering regional investors a rare means of achieving long-term growth and earning returns backed by dollars,” the statement reads.

How many shares are investors allowed?

Touted as ‘the IPO for the people’, this offering includes an accessible entry point intended to democratise wealth creation throughout Africa, with shares priced at Rwf589 ($0.40) each and minimum subscriptions beginning at just 10 shares, the statement says.