The Dangote Refinery's planned initial public offering (IPO) is shaping up to be one of the largest capital market transactions in Africa's history. Valued at about $5 billion, the listing on the Nigerian Exchange (NGX) is expected to be the biggest public offering ever undertaken on the continent, drawing interest from stock exchanges eager to participate in the landmark transaction.
Interest has emerged from across Africa, with exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda all exploring opportunities to be part of the listing. The widespread attention reflects the scale of the offering and the growing appeal of one of Nigeria's most ambitious industrial investments.
Since commencing operations in 2024, the Dangote Refinery has rapidly established itself as a major force in the global refining industry. With a processing capacity of 650,000 barrels of crude oil per day, the Lagos-based facility has expanded exports of refined petroleum products, including jet fuel, to markets across Africa and Europe. The refinery has benefited from shifts in global energy supply chains and is now seeking fresh capital to support expansion of its operations and broader regional growth plans.
Among the exchanges expressing interest is the Johannesburg Stock Exchange (JSE), which hopes to secure a secondary listing after the company's planned debut on the Nigerian Exchange later this year.
Speaking to CNBC Africa, JSE Chief Executive Officer Valdene Reddy said the refinery is expected to list in Nigeria first before pursuing a secondary listing in Johannesburg.
"They will go and list in Nigeria first but with a strong intent to hopefully bring that listing to South Africa shortly thereafter on the JSE. It would be a great opportunity for diversified play of high demand but of such a strong African corporate listing on the JSE," she said.
The proposed listing comes as the JSE pursues new listings across sectors including mining, fintech, property and construction, while also implementing regulatory reforms aimed at making its market more attractive to companies seeking primary or secondary listings.
The Dangote Refinery's IPO is expected to give investors access to one of Africa's largest industrial enterprises through the public market. The widespread interest from stock exchanges across the continent speaks to the refinery's significance, demonstrating how a Nigerian-built industrial project has become one of the most sought-after corporate listings in African finance.
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