Nigeria’s Dangote looks to list refinery shares on multiple African exchanges
Following the successful $1.6 billion IPO of its Lagos refinery, Nigeria's Dangote Group is seeking to make shares available to investors across multiple African stock exchanges. The company is exploring options such as Global Depositary Receipts to overcome regulatory challenges and is supported by calls for mutual recognition among African regulators to facilitate cross-border listings.
Brève Publié le (Africa/Lagos, UTC+1)
Nigeria’s Dangote Group is looking to expand access to its $1.6 billion refinery IPO beyond Nigeria by listing shares on multiple African stock exchanges. The IPO, which closed in September and attracted nearly $5 billion in orders, is set to list on the Nigerian exchange later this month.
To reach investors across Africa, Dangote is considering using Global Depositary Receipts (GDRs), tradable certificates representing shares, a method already used in countries like Kenya and Botswana. However, differing national listing regulations complicate this plan.
The head of the Abidjan-based regional exchange BRVM has called on African regulators to adopt mutual recognition frameworks, noting that while the technology exists to support cross-border listings, regulatory harmonization is lacking.
This move by Dangote Group reflects a broader push for greater integration of African capital markets, potentially increasing investment opportunities and liquidity across the continent.