Nigeria: Dangote Refinery is preparing for what could become Africa’s largest stock market listing. It aims to raise about $5 billion through an IPO on the Nigerian Exchange. The funds will support the expansion of its Lagos refinery and wider growth across Africa.
The Johannesburg Stock Exchange (JSE) has also engaged Dangote Group and confirmed strong interest in listing the refinery in South Africa after the Nigerian IPO.
Africa’s largest stock exchange is positioning itself to host a secondary listing of Dangote Petroleum Refinery, as interest grows across the continent ahead of what could become one of Africa’s biggest initial public offerings.
The Johannesburg Stock Exchange (JSE) confirmed it has been in discussions with the Dangote Group and said that the company intends to pursue a listing in Nigeria first, before exploring any other secondary listing in South Africa. JSE spokesperson stated that they will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa.
JSE has a total market capitalisation of approximately ZAR 24.9 trillion (USD 1.52 trillion), making it the largest stock exchange in Africa and accounting for about 60% of the continent’s total equity market value. The planned listing follows reports that Dangote Group is seeking to raise about $5 billion through an initial public offering of the refinery.
As per the sources, familiar with the matter said that the company has already made a preliminary filing with Nigeria’s securities regulator and is targeting an October 2026 debut on the Nigerian Exchange.
Nigeria 🇳🇬 Dangote Refinery is preparing for what could become Africa’s largest stock market listing, aiming to raise about $5 billion through an IPO on the Nigerian Exchange.
The funds will support the expansion of its Lagos refinery and wider growth across Africa.
The… pic.twitter.com/B9j7d0w2YJ
— Africa View Facts (@AfricaViewFacts) August 5, 2026
Continental investors have shown keen interest and is extending well beyond Nigeria. Kenya is also expected to play a significant role in the share sale, with institutional investors, including pension funds, potentially contributing as much as $500 million about 10% of the targeted fundraising.
Related discussions have also taken place with regulators and market participants in Egypt, Ghana and Rwanda to explore ways in which investors in those countries can participate in the landmark offering by highlighting the refinery’s growing appeal as a pan-African investment opportunity.
Built by Africa’s richest man, Aliko Dangote, at an estimated cost of $20 billion, the 650,000-barrel-per-day refinery began producing fuel in 2024 and reached full operating capacity earlier this year. The Nigerian National Petroleum Company (NNPC) owns just over 7% of the facility.
Recently, a private placement valued the refinery at around $40 billion after investors acquired a 6% stake for $2.5 billion. That valuation positions the refinery among Africa’s most valuable privately owned industrial assets and sets the stage for what could become one of the continent’s largest-ever public listings.