Billionaire Dangote may list refinery in South Africa after Nigeria IPO
Billionaire Aliko Dangote is planning an IPO for his $20 billion petroleum refinery in Nigeria, with potential plans for a secondary listing on the Johannesburg Stock Exchange. The project aims to democratize industrial wealth and secure regional capital market participation.
Why it matters
The refinery is a critical piece of African infrastructure, and its potential dual-listing could significantly boost regional stock market integration and industrial investment.
Aliko Dangote's refinery may not stop at the Nigerian Exchange. The Johannesburg Stock Exchange said it has engaged with the Nigerian billionaire's Dangote Group and that the company could list its petroleum refinery in South Africa after a Nigerian initial public offering, a JSE spokesperson said this on Wednesday.
"They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa," the exchange said in an emailed response.
The company is aiming to raise $5 billion in the offering, in what would rank among the largest share sales ever attempted in Africa. Sources said the group has made a preliminary filing with Nigeria's securities regulator for the refinery IPO, targeting an October listing. The primary listing will be on the Nigerian Exchange.
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