Dangote and his refinery...
The Johannesburg Stock Exchange has engaged with Nigeria’s Dangote Group and said the company could list its petroleum refinery in South Africa after a Nigerian IPO, a spokesperson told Reuters on Wednesday.
“They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa,” the JSE said in an emailed response to Reuters questions.
The company is aiming to raise $5 billion in an initial public offering, Reuters reported on Tuesday.
Sources told Reuters that the group has made a preliminary filing with the Nigerian regulator for the refinery IPO, targeting an October listing.
One of the sources said the group wants regional capital markets to take part, with Kenya potentially raising $500 million.
Africa’s richest man, Aliko Dangote, built the refinery at a cost of roughly $20 billion. It started fuel production in 2024 and reached full capacity earlier this year.
The 650,000 barrel per day refinery is Africa’s largest, and Nigerian state oil firm NNPC holds a stake of just over 7%.
REUTERS
