Dangote Refinery could pursue a listing on the Johannesburg Stock Exchange after completing its planned Nigerian market debut, potentially giving investors in Africa’s largest and most sophisticated equity market direct exposure to the continent’s biggest oil refinery.
The Johannesburg Stock Exchange has held discussions with Dangote Group over the possibility of bringing the refinery to the South African market following its initial public offering in Nigeria.
The engagement comes as Dangote prepares for a major IPO that could raise approximately $5 billion, potentially making it the largest equity offering ever undertaken by an African company.
The refinery is expected to make its primary market debut in Nigeria before considering Johannesburg as part of a broader strategy to attract investors from across the continent.
Dangote Petroleum Refinery & Petrochemicals has already made a preliminary filing with Nigeria’s Securities and Exchange Commission as preparations for the transaction advance.
The company is targeting an October 2026 listing, although the final size and structure of the offering will depend on regulatory approval.
A Johannesburg listing would provide Dangote Refinery with access to South Africa’s large institutional investment market, including pension funds, asset managers and other investors seeking exposure to major African infrastructure and energy assets.
It could also significantly broaden the refinery’s shareholder base beyond Nigeria as Dangote seeks to position the business as a pan-African energy company.
Other African capital markets have also shown interest in participating in the planned offering.
Kenya could potentially mobilise as much as $500 million from local investors, including pension funds, as African exchanges explore structures that would allow their investors to participate in the transaction.
The proposed fundraising follows a private placement that valued Dangote Refinery at approximately $40 billion, establishing a potential benchmark ahead of the public offering.
Built at a cost of roughly $20 billion, the Lagos-based refinery has a processing capacity of 650,000 barrels per day, making it the largest single-train refinery in the world and Africa’s biggest refining facility.
The refinery commenced production in 2024 and reached full processing capacity earlier in 2026, strengthening its position in both Nigeria’s domestic fuel market and international petroleum-product trade.
Nigeria’s state-owned NNPC Limited owns slightly more than 7 percent of the refinery.
Aliko Dangote has also outlined plans to expand the facility’s capacity to 1.4 million barrels per day, an investment that would further increase its importance to Africa’s petroleum supply chain.
The planned $5 billion capital raise could provide additional financial capacity to support expansion as Dangote seeks to reduce Africa’s dependence on imported refined petroleum products and expand exports to regional and international markets.
A subsequent Johannesburg listing would represent another significant step in that strategy, potentially transforming Dangote Refinery from a predominantly Nigerian-owned industrial asset into one with a broader continental investor base.
For the JSE, securing a Dangote Refinery listing would also represent a significant addition to the exchange and strengthen its position as a destination for major African companies seeking access to deeper pools of institutional capital.
The immediate focus, however, remains on completing the Nigerian IPO. A successful domestic market debut would establish the foundation for any subsequent Johannesburg transaction and determine how Dangote Refinery approaches its broader ambitions across African capital markets.
