View noticesJSE in talks with Dangote Group over possible SA listing for Nigerian refinery
The Johannesburg Stock Exchange has held discussions with Nigeria's Dangote Group, with a JSE spokesperson telling Reuters that the company could eventually list its petroleum refinery in South Africa following an initial listing in Nigeria.
Business Tech reports that in an emailed response to Reuters, the JSE indicated that Dangote intended to list in Nigeria first, but that there was strong intent to ultimately bring the listing to South Africa as well.
The Dangote Group is aiming to raise $5 billion through an initial public offering, Reuters reported on Tuesday. Sources told the news agency that the group has made a preliminary filing with Nigeria's regulator for the refinery IPO, with an October listing being targeted.
One source said the group wants regional capital markets to participate in the offering, with Kenya potentially contributing up to $500 million.
The refinery was built by Aliko Dangote, Africa's richest man, at a cost of roughly $20 billion. It began fuel production in 2024 and reached full capacity earlier this year.
The 650,000 barrel-per-day facility is the largest refinery on the continent, with Nigerian state oil firm NNPC holding a stake of just over 7%.
SOURCE: BusinessTech, citing Reuters.