Dangote Refinery May List on South Africa’s Johannesburg Stock Exchange After Nigeria IPO

Dangote Refinery May List on South Africa’s Johannesburg Stock Exchange After Nigeria IPO

JOHANNESBURG, Aug 5 (Reuters) – 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.

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• 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%.

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