The Securities and Exchange Commission has approved the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the company to offer 4.1 billion ordinary shares at ₦525 each.

The proposed offer could raise approximately ₦2.15 trillion if fully subscribed, according to a statement issued by the Dangote Group on Friday.

The approval comes shortly after Dangote Group President, Aliko Dangote, said the IPO was expected to open within 10 to 12 days.

The SEC approval clears the way for the next stages of the offering, including the Completion Board Meeting and Signing Ceremony.

The commission also registered the refinery’s existing 120.13 billion ordinary shares as part of the process.

The approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by Abdulkadir Abbas, Director of the Securities and Investment Services Department of the SEC.

The proposed offering will give investors an opportunity to acquire shares in one of Nigeria’s largest industrial projects as the refinery moves towards becoming publicly traded.

Located in Ibeju-Lekki, Lagos, the refinery currently has a capacity of 700,000 barrels per day and is undergoing an expansion expected to increase its capacity to 1.4 million barrels per day.

The Dangote Group said the IPO was part of efforts to broaden investment in the refinery and is expected to become one of the largest capital market transactions in Nigeria.