Aliko Dangote’s oil refinery is moving toward a stock market listing that could rank among the largest share sales in African corporate history, as the company looks to raise capital for a significant capacity upgrade.

The Lekki-based refinery, owned by Africa’s wealthiest businessman, is targeting roughly $1.6 billion from its initial public offering.

Nigeria’s Securities and Exchange Commission has given the green light for the sale of 4.1 billion shares.

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Proceeds from the offering are earmarked for an ambitious expansion: lifting refining capacity from the current 650,000 barrels per day to 1.4 million barrels per day, a jump that could position the plant as the largest refinery on the planet.

The refinery, constructed at a cost of about $20 billion, ramped up to full operating capacity earlier this year.

Since then, it has grown into one of the leading suppliers of refined petroleum products both within Nigeria and in markets abroad.

Subscription for the share sale is scheduled to open on September 14, following the formal signing of listing documentation on Monday.

Beyond the capital it stands to raise, the listing carries broader significance for Dangote: it represents an effort to widen the pool of investors taking part in one of the continent’s most ambitious industrial ventures.