Nigeria’s industrial titan, Dangote Group, plans to dual-list its massive petroleum refinery in South Africa following an initial public offering in Nigeria.
The Johannesburg Stock Exchange confirmed active engagement with the conglomerate, signaling strong intent to welcome the energy giant to its trading floor.
Aiming to raise an impressive $5 billion, the company recently submitted preliminary filing documents to Nigerian financial market regulators.
Regional capital markets are expected to participate, with Kenyan investors potentially raising up to $500 million for the ambitious offering.
Targeting an October launch, this landmark listing marks a dramatic chapter in African financial history and regional market integration.
Built at a staggering cost of $20 billion, the 650,000-barrel-per-day facility stands as the largest oil refinery across the entire continent.
Founded by Africa’s richest man, Aliko Dangote, the sprawling complex commenced fuel production in 2024 and recently reached full operating capacity.
State-owned oil firm NNPC maintains a strategic footprint in the enterprise, holding a stake slightly exceeding seven percent in the refinery.
