Africa’s largest stock exchange is positioning itself to host a secondary listing of Dangote Petroleum Refinery, as interest grows across the continent ahead of what could become one of Africa’s biggest initial public offerings.
Dangote’s planned $5 billion refinery IPO in Nigeria could be followed by a listing in Africa’s richest country
- The Johannesburg Stock Exchange (JSE) is preparing to host a secondary listing for Dangote Petroleum Refinery after its planned primary listing in Nigeria.
- Dangote Group aims to raise about $5 billion through an initial public offering (IPO), with a preliminary filing already submitted to Nigeria’s securities regulator.
- The refinery, built by Aliko Dangote for $20 billion, began production in 2024 and is one of Africa’s most valuable private industrial assets.
- Pan-African investor interest is growing, with Kenyan institutions potentially contributing up to $500 million, and discussions are ongoing with investors in Egypt, Ghana, and Rwanda.
The Johannesburg Stock Exchange (JSE) confirmed it has been in discussions with the Dangote Group and said the company intends to pursue a listing in Nigeria first before exploring a secondary listing in South Africa.
“They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa,” a JSE spokesperson told Reuters.
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The Johannesburg Stock Exchange (JSE) has a total market capitalisation of approximately ZAR 24.9 trillion (USD 1.52 trillion), making it the largest stock exchange in Africa and accounting for about 60% of the continent’s total equity market value
The planned listing follows reports that Dangote Group is seeking to raise about $5 billion through an initial public offering of the refinery. a preliminary filing with Nigeria’s securities regulator and is targeting an October debut on the Nigerian Exchange
Dangote RefineryBI Africa
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Investor interest is extending well beyond Nigeria. Kenya is expected to play a significant role in the share sale, with institutional investors, including pension funds, potentially contributing as much as $500 million—about 10% of the targeted fundraising.
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Discussions have also taken place with regulators and market participants in Egypt, Ghana and Rwanda to explore ways investors in those countries can participate in the landmark offering, highlighting the refinery’s growing appeal as a pan-African investment opportunity.
Built by Africa’s richest man, Aliko Dangote, at an estimated cost of $20 billion, the 650,000-barrel-per-day refinery began producing fuel in 2024 and reached full operating capacity earlier this year. The Nigerian National Petroleum Company (NNPC) owns just over 7% of the facility.
A recent private placement valued the refinery at around $40 billion after investors acquired a 6% stake for $2.5 billion. That valuation positions the refinery among Africa’s most valuable privately owned industrial assets and sets the stage for what could become one of the continent’s largest-ever public listings.
