The Nigerian Exchange Group Plc (NGX Group) has rallied major African stock exchanges to fast-track cross-border listings of the upcoming Dangote Refinery shares, in a move aimed at deepening regional capital market integration.
The initiative followed a closed-door meeting held in Lagos on March 31, 2026, which brought together chief executives and senior representatives of leading African exchanges, alongside NGX leadership. The session was part of a familiarisation tour of the Dangote Refinery and Petrochemical Complex, coordinated by Temi Popoola NGX’s CEO and Alhaji (Dr) Umaru Kwairanga, its chairman.
Alhaji Kwairanga explained that the tour was more than a site visit, it was an investment evaluation exercise designed to ensure the refinery’s IPO success. “This is not just a tour to admire the facility; it is a chance to evaluate the investment and ensure the success of the listing on NGX,” he said.
Kwairanga also praised Aliko Dangote for his visionary role in shifting Africa from import dependence to local production and industrial growth across sectors including cement, food, fertiliser, and petroleum.
A strategic session with Aliko Dangote and Dr. Emomotimi Agama, SEC Director General, focused on establishing efficient pathways for capital raising across multiple African markets. Discussions included mechanisms to enable both institutional and retail investors to participate regardless of location, with African exchange leaders set to support investor engagement and coordination.
The planned listing of roughly 10 per cent of Dangote Refinery is expected to be a landmark event on NGX, possibly by Q2 2026. The listing aims to democratize ownership, deepen liquidity, and attract both domestic and foreign investors, with dividends payable in naira and US dollars.
While details on allocations across African exchanges remain under discussion, some delegates suggested that provisions be expanded to include other markets where the shares may be listed.
Delegates included representatives from the Johannesburg Stock Exchange, Ghana Stock Exchange, Nairobi Securities Exchange, Ethiopian Securities Exchange, and the Bourse Régionale des Valeurs Mobilières, as well as stock exchanges from Rwanda, Mali, and Senegal. Regulatory stakeholders also participated.
The Dangote Refinery, regarded as the world’s largest single-train refinery, is central to this effort, expected to boost Nigeria’s capital market, attract foreign inflows, and reduce Africa’s dependence on imported petroleum products while supporting forex earnings.
