Dangote Group has had a discussion with The Johannesburg Stock Exchange that the company has said to list Nigeria first in its initial public offering ( IPO) before any other country and also before seeking a secondary listing in South Africa confirmed by the Johannesburg Stock Exchange.
The Johannesburg Stock Exchange (JSE), Africa’s largest stock exchange, has mentioned that Nigeria’s Dangote Group may list its petroleum refinery in South Africa after completing an initial public offering (IPO) in Nigeria.
According to Reuters, a Johannesburg spokesperson said;“They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa.” 
Reuters mentioned that Dangote petroleum refinery aims to raise $5 billion through the initial public offering (IPO) in Nigeria.
Sources told Reuters that the Dangote Group has submitted an initial application for the refinery initial public offering (IPO) to Nigeria’s securities regulator and is targeting an October listing.
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Dangote Group has also engaged regulators and capital market stakeholders in Egypt, Ghana and Rwanda to explore how investors in those countries can participate in the offering.
One source said the group wants regional capital markets to play a significant role in the IPO, with investors in Kenya potentially contributing up to $500 million.
Africa’s richest man, Aliko Dangote, invested about $20 billion in building the refinery. The facility began producing fuel in 2024 and reached full operational capacity earlier this year.
The Nigerian National Petroleum Company (NNPC) holds a stake of just over 7% in the facility. The Dangote refinery, the largest refinery in Africa produces 650,000 barrels per day.
Investors paid $2.5 billion for a 6% stake, prompting the recent private placement to value the refinery at roughly $40 billion. That valuation places the refinery among Africa’s most valuable privately held industrial assets and sets the stage for one of the continent’s biggest public listings.
If everything goes according to plan, the IPO could draw investors from all over Africa, increase participation in the regional capital market, and be a major turning point in the financial and industrial development of the continent.
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