By Stephen Simon
The Dangote Petroleum Refinery may be listed on the Johannesburg Stock Exchange (JSE) after its planned initial public offering (IPO) in Nigeria, in a move expected to broaden investor participation and strengthen the company’s footprint across Africa. The development was disclosed by officials of the South African bourse, who said discussions with the Dangote Group indicate a strong intention to pursue a secondary listing once the Nigerian IPO is completed.
The proposed listing comes as the refinery prepares for what is expected to be Africa’s biggest public share offering. According to Reuters, the refinery aims to raise about $5 billion through the IPO, with the funds earmarked for expanding production capacity and supporting future projects, including plans for a new refinery in Kenya.
A spokesperson for the Johannesburg Stock Exchange said the exchange has maintained engagements with the Dangote Group and is optimistic that the refinery will eventually seek a listing in South Africa. Such a move, analysts say, would provide investors outside Nigeria with greater access to one of Africa’s most significant industrial assets while enhancing capital market integration across the continent.
The Dangote Petroleum Refinery, which commenced operations in Lagos in 2024, has a refining capacity of 650,000 barrels of crude oil per day, making it the largest single-train refinery in Africa. Since becoming fully operational, the facility has significantly reduced Nigeria’s dependence on imported refined petroleum products while expanding exports to other African countries and international markets.
Market observers believe the refinery’s IPO could become a landmark event for African capital markets, attracting institutional and retail investors from across the continent. The planned offer is expected to deepen liquidity on the Nigerian Exchange while showcasing the growing capacity of African financial markets to finance large-scale industrial projects.
Industry experts also note that a future Johannesburg listing would further enhance the refinery’s profile among international investors, strengthen its access to capital and reinforce Dangote Group’s ambition of building pan-African industrial enterprises capable of competing on the global stage. They say dual listings have become an increasingly attractive option for companies seeking broader investor participation and improved market visibility.
Although the Nigerian Exchange will host the primary listing, no formal timeline has yet been announced for any secondary listing in South Africa. Nevertheless, the indication from the JSE has heightened expectations among investors that the refinery could become one of the few major African companies with a significant cross-border stock market presence.
