Dangote Petroleum Refinery is considering a secondary listing on the Johannesburg Stock Exchange (JSE) following its planned initial public offering (IPO) on the Nigerian Exchange (NGX), in a move that could broaden investor access to one of Africa’s largest industrial assets.
A spokesperson for the JSE confirmed that discussions have taken place with the Dangote Group, noting that the refinery is expected to list in Nigeria first before pursuing a secondary listing in South Africa. “They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa,” the JSE spokesperson said.
The planned secondary listing comes as Dangote Group prepares for what could become one of Africa’s biggest IPOs. The company is seeking to raise approximately $5 billion through the offering and has reportedly submitted a preliminary filing to Nigeria’s securities regulator ahead of a targeted October listing.
Pan-African Investor Interest
Investor interest in the refinery extends beyond Nigeria, reflecting growing confidence in Africa’s capital markets. Kenyan institutional investors, including pension funds, are reportedly considering investments of up to $500 million, representing about 10% of the targeted fundraising.
The company has also engaged regulators and market participants in Egypt, Ghana, and Rwanda to facilitate participation by investors from those markets, underscoring the refinery’s appeal as a pan-African investment opportunity.
A recent private placement valued the refinery at approximately $40 billion, after investors acquired a 6% stake for $2.5 billion. The valuation positions the facility among Africa’s most valuable privately owned industrial assets.
A successful listing on both the Nigerian Exchange and the JSE would significantly enhance the refinery’s visibility among international and regional investors while strengthening cross-border capital market integration in Africa.
The JSE remains Africa’s largest stock exchange, with a market capitalisation of roughly ZAR24.9 trillion (about $1.52 trillion), accounting for around 60% of the continent’s total equity market value. If completed, the dual-listing strategy would mark one of the most significant cross-border listings by an African industrial company
