NGX, Dangote Rally African Exchanges to Accelerate Cross-border Listings of Refinery

Nigerian Exchange Group Plc (NGX Group) has rallied major African stock exchanges to accelerate cross-border listings of the anticipated Dangote Refinery shares listing.

The development was disclosed by a market source following a closed-door meeting convened by NGX Group in Lagos on Tuesday, March 31, 2026.

The engagement forms part of broader efforts to deepen regional capital market integration and position the refinery for a multi-market public offering.

The meeting brought together chief executives and senior representatives of leading African exchanges, alongside NGX leadership, as part of a familiarisation tour of the Dangote Refinery and Petrochemical Complex.

The tour was coordinated by NGX Group Managing Director/CEO Temi Popoola and Chairman Alhaji (Dr) Umaru Kwairanga. It is expected to lay the groundwork for one of the most anticipated listings across African capital markets.

What they are saying

The NGX Chairman, Alhaji (Dr) Umaru Kwairanga, said the visit was designed to give investors and advisers deeper insight into the refinery ahead of its planned initial public offering.

• Kwairanga noted that the engagement goes beyond a routine inspection, focusing instead on investment evaluation and listing readiness.
• “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.” 
• “Through sectors like cement, food, fertiliser, and petroleum, Dangote has not only built businesses but impacted lives and strengthened economies.” 

He also praised Aliko Dangote, describing him as a visionary driving Africa’s shift from import dependence to local production and industrial growth.

More insights

A strategic session involving Aliko Dangote and the Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama, explored opportunities for capital market expansion and cross-border listings. The discussions focused on creating efficient pathways for issuers to raise capital across multiple African markets.

• The session highlighted mechanisms to enable companies to access funding across different jurisdictions.
• It also explored ways to allow both institutional and retail investors to participate in offerings regardless of location.
• African exchange leaders are expected to support investor engagement and coordination across markets.
• Execution of listings will remain the responsibility of issuers and their financial advisers.

A member of the delegation described the engagement as a significant step toward stronger collaboration among African exchanges, noting that coordinated frameworks are becoming increasingly critical for the continent’s financial systems.

Get up to speed

The planned listing of about 10% stake of Dangote Refinery is expected to be a landmark capital market event on NGX, possibly by the second quarter of 2026.

• With the engagement of leaders of major stock exchanges in Africa, it is not clear yet whether the 10% stake offered to investors will be sufficient for all the target stock exchanges in Africa.
• Some trading license holders in the delegation expressed hope that more provision could be made for other exchanges where the stocks are going to be listed.
• The listing is designed to democratize ownership, deepen market liquidity, and boost investor participation, including retail investors who may soon be able to purchase shares directly.

The listing, which will be backed by the refinery’s dollar-earning capacity, will also support foreign investor inflows and enable dividend payments in both naira and US dollars.

What you should know

The familiarisation tour attracted representatives from several major African exchanges, reflecting growing momentum toward regional financial integration.

• Participants included delegations from the Johannesburg Stock Exchange, Ghana Stock Exchange, Nairobi Securities Exchange, Ethiopian Securities Exchange, and the Bourse Régionale des Valeurs Mobilières, among others.
• Representatives from Rwanda, Mali, and Senegal stock exchanges were also in attendance.
• Regulatory stakeholders participated alongside exchange executives.
• The initiative is aimed at strengthening cooperation and improving access to capital across Africa.

Dangote Refinery, regarded as the world’s largest single-train refinery, remains central to this initiative, with expectations that its eventual listing will not only boost Nigeria’s capital market but also reduce Africa’s reliance on imported petroleum products while supporting foreign exchange earnings.