Africa’s stock exchanges eye Dangote Refinery’s IPO as pilot integration
Africa’s stock exchanges are exploring possibility of using the forthcoming initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals as the pilot for the continent’s one-shop securities market that
- By Taofik Salako Deputy Group Business Editor
Africa’s stock exchanges are exploring possibility of using the forthcoming initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals as the pilot for the continent’s one-shop securities market that allows simultaneous access to investments across the markets.
Nigeria’s capital market authorities met with Africa’s other major securities exchanges in a high-powered stakeholders’ consultative engagement that included President of Dangote Group and Chief Executive of Dangote Petroleum Refinery and Petrochemicals, Alhaji Aliko Dangote.
At the meeting were the Nigerian Exchange Group (NGX Group) Plc, Johannesburg Stock Exchange (JSE), Ghana Stock Exchange (GSE), Ethiopian Securities Exchange (ESX), Bourse Régionale des Valeurs Mobilières (BRVM), Nairobi Securities Exchange (NSE), Securities and Exchange Commission (SEC) and Dangote’s lead issuing houses and financial advisers, Vetiva Capital Management, Stanbic IBTC Capital and FirstCap (First Capital). There were other stakeholders within the African Securities Exchanges Association (ASEA).
The meeting deliberated extensively on the procedure for the use of Dangote Refinery’s IPO as a test case for cross-border capital formation and investor participation across African markets.
The meeting also examined frameworks to support multi-jurisdictional listings, aggregation of investor demand through intermediaries, and improvements in cross-border settlement and market infrastructure.
Stakeholders agreed that Dangote Refinery’s IPO, with its strong appeal, represents epochal opportunity to advance cross-border listings and deepen integration across the continent’s capital markets.
They noted that integration of Africa’s securities exchanges would expand access to capital and enhance efficient pathways for issuers to raise funds across multiple African markets.
Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umaru Kwairanga, said Africa’s economic future would depend on how effectively it can connect its markets and mobilize its own capital.
“Strengthening collaboration among exchanges is essential to building resilient financial systems that support long-term growth across the continent,” Kwairanga said.
Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola, highlighted the importance of collaboration in unlocking Africa’s capital market potential.
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“What we are building is not just about facilitating individual transactions, but about creating a sustainable framework that allows African capital to move more efficiently across borders. Deeper collaboration among our exchanges will be critical to unlocking liquidity and positioning Africa as a competitive global investment destination,” Popoola said.
Dangote explained the long-term vision underpinning the planned refinery listing and its broader significance for African investors.
He noted that the group’s objective was to create sustainable wealth for Africa by ensuring that Africans can invest in and benefit from world-class assets built on the continent.
“We are building businesses with strong foreign currency–earning capacity and will continue to list these assets, giving investors across Africa the opportunity to participate in their growth,” Dangote said.
Director-General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama said the impending Dangote Refinery’s IPO represents a major step towards integration of Africa’s capital markets.
“It is about creating a unified investment landscape where African capital can be mobilized to finance Africa’s development. The Commission remains committed to supporting this process and ensuring its success,” Agama said.
Chief Executives and senior representatives of the JSE, GSE, ESX, BRVM, and NSE, who also spoke at the meeting affirmed their commitments, noting the importance of greater exchange collaboration.
According to them, capital market integration has the potential to reshape Africa’s capital markets.
They noted that addressing fragmentation through stronger alignment among exchanges would be key to unlocking liquidity, expanding access, and positioning Africa for sustained growth.
