Nigeria’s Dangote hopes to strike gold in South Africa

The Johannesburg Stock Exchange (JSE) has engaged with Nigeria’s Dangote Group, and a spokesperson told Reuters that the company could list its petroleum refinery in South Africa after a Nigerian IPO.

A flame rises from a gas flare at the Dangote Industries oil refinery and fertiliser plant site in the Ibeju-Lekki district of Lagos, Nigeria. Image credit: Reuters/Sodiq Adelakun/File Photo

“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 $5bn in an initial public offering, Reuters reported.

Sources told Reuters that the group has made a preliminary filing with the Nigerian regulator for the refinery IPO, targeting an October listing.

Protesters march during a demonstration in support of Wild Coast communities’ legal battle against Shell’s offshore oil and gas exploration, at the Constitutional Court in Johannesburg. Image credit: Reuters/Alet Pretorius/File Photo

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One of the sources said the group wants regional capital markets to take part, with Kenya potentially raising $500m.

Africa’s richest man, Aliko Dangote, built the refinery at a cost of roughly $20bn. 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%.