Africa’s richest industrialist, , is considering a multi-exchange listing of his $20 billion oil refinery in what could become one of the largest cross-border public offerings in the continent’s capital market history.
According to Bloomberg, the development was disclosed by Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, following a meeting held last week in Lagos between Aliko Dangote and leaders of several African stock exchanges.
The proposed arrangement would allow shares in the refinery to be listed simultaneously across multiple African stock markets, a move analysts believe could strengthen regional financial integration and expand investor participation.
The refinery, valued at about $20 billion, remained one of Africa’s most ambitious industrial projects and is expected to significantly reduce Nigeria’s reliance on imported petroleum products once fully operational.
The plan builds on an earlier announcement made in December, when Aliko Dangote, who is also the President of Dangote Industries Limited, revealed intentions to float a 10 percent stake of the refinery on the Nigerian Exchange within the year.
If implemented, the multi-exchange listing would mark a major milestone for African capital markets, potentially setting a precedent for cross-border listings while boosting investor confidence across the continent.
