Nigeria’s Dangote Group has expressed a strong intention to pursue a secondary listing of its flagship petroleum refinery on the Johannesburg Stock Exchange following a planned initial public offering in Nigeria, according to the JSE.
A spokesperson for the Johannesburg Stock Exchange confirmed that discussions have taken place between the exchange and the Dangote Group regarding the possibility of listing the refinery in South Africa after the Nigerian flotation. The development reflects growing interest in strengthening cross border capital market participation across Africa and expanding investment opportunities for institutional and retail investors beyond national markets.
According to the JSE, the refinery is expected to undertake its primary listing in Nigeria before any subsequent move to South Africa is considered. The exchange stated that the company has demonstrated a strong intention to pursue a Johannesburg listing once the Nigerian process has been completed.
Reuters reported earlier this week that the Dangote Group is seeking to raise approximately US$5 billion through an initial public offering of the refinery. Sources familiar with the matter indicated that a preliminary filing has already been submitted to Nigeria’s securities regulator, with the listing currently targeted for October, subject to regulatory approvals and prevailing market conditions.
The proposed offering is expected to be one of the most significant equity issuances on the African continent in recent years. According to Reuters, discussions have also considered wider regional participation, with Kenya identified as a potential market that could contribute approximately US$500 million through its capital markets, illustrating growing efforts to deepen financial integration across Africa.
The Dangote Petroleum Refinery represents one of the continent’s most significant industrial investments. Constructed at an estimated cost of approximately US$20 billion by Nigerian industrialist Aliko Dangote, the facility commenced fuel production in 2024 and reached full operational capacity during 2026.
With a refining capacity of 650,000 barrels of crude oil per day, the facility is recognised as Africa’s largest refinery. Its operations are expected to contribute to reducing Nigeria’s reliance on imported refined petroleum products while strengthening domestic energy security and supporting regional fuel supply across parts of West and Central Africa. The Nigerian National Petroleum Company Limited holds a stake of just over seven per cent in the refinery.
Should a Johannesburg listing proceed after the Nigerian offering, it would represent an important milestone for African capital markets. Cross listings have increasingly been viewed as mechanisms for improving market liquidity, broadening investor participation and facilitating the mobilisation of long term capital for strategic infrastructure and industrial assets across the continent.
Market participants note that enhanced cooperation between African stock exchanges aligns with broader continental objectives under the African Continental Free Trade Area, which seeks to promote greater economic integration, investment flows and private sector development. While the refinery’s primary focus remains its Nigerian listing, any future listing on the Johannesburg Stock Exchange would provide investors in Southern Africa with an opportunity to participate in one of the continent’s largest energy infrastructure assets.
