Africa’s richest industrialist, Aliko Dangote, is considering a multi-exchange listing of his $20 billion oil refinery, in a move that could mark one of the most significant cross-border public offerings in Africa’s capital markets history.
According to Bloomberg, the development was revealed by Frank Mwiti, chief executive officer of the Nairobi Securities Exchange, following a meeting held last week in Lagos between Dangote and leaders of several African stock exchanges.
The proposed listing would see shares of the refinery offered across multiple bourses on the continent, a strategy analysts say could deepen regional capital market integration and attract a broader base of investors.
The refinery, valued at $20 billion, is one of the largest industrial projects in Africa and is expected to significantly reduce Nigeria’s dependence on imported petroleum products.
The latest plan builds on an earlier announcement made in December, when Dangote, president of Dangote Industries Limited, disclosed intentions to list a 10 percent stake in the refinery on the Nigerian Exchange within the year.
If executed, the multi-exchange listing would represent a milestone for African financial markets, potentially setting a precedent for future cross-border listings and boosting investor confidence across the region.
Boluwatife Enome
