The Johannesburg Stock Exchange (JSE) is making a bold move to secure a secondary listing for Dangote Petroleum Refinery once the company completes its highly anticipated initial public offering (IPO) on the Nigerian Exchange (NGX) later this year. If successful, the deal would mark another major milestone for Africa’s largest refinery while strengthening investment ties between two of the continent’s biggest financial markets. The refinery’s estimated $5 billion IPO is expected to become the largest public offering in Africa’s history, attracting investors from across the continent and beyond.
Speaking on CNBC Africa, JSE Chief Executive Officer Valdene Reddy revealed that Dangote Refinery is among several high-profile African companies the exchange is actively pursuing for future listings. While the refinery is expected to debut on the Nigerian Exchange first, the JSE is optimistic that a secondary listing will soon follow. According to Reddy, bringing Dangote Refinery to Johannesburg would provide investors with greater access to one of Africa’s most influential industrial companies while boosting liquidity across regional capital markets.
Dangote Refinery has quickly transformed the African energy landscape since beginning commercial operations in 2024. With a refining capacity of 650,000 barrels per day, the Lagos-based facility has become a major supplier of diesel, jet fuel, and other refined petroleum products to markets across Africa and Europe. The company plans to use proceeds from the IPO to expand its operations, strengthen its Lagos refinery complex, and accelerate regional growth, while a dual listing would allow it to tap into South Africa’s deeper pool of institutional and international investors.
Beyond Dangote Refinery, the JSE says it is experiencing growing interest from African businesses looking to raise capital. Companies operating in mining, fintech, construction, real estate, and infrastructure are increasingly considering Johannesburg over overseas markets such as London and New York, where smaller African firms often struggle to gain visibility. The exchange is also seeing rising demand for real estate investment trusts (REITs), infrastructure investment products, and actively managed exchange-traded funds as investors seek new opportunities across the continent.
The push for new listings comes as the JSE prepares to roll out its long-term growth strategy, Forge 2031, which aims to diversify revenue through artificial intelligence, digital technologies, expanded market infrastructure, and advanced data services. Reddy also highlighted the exchange’s significant liquidity advantage, with average daily trading volumes ranging from $1.5 billion to $2 billion, far exceeding those of many African exchanges. As competition for major corporate listings intensifies, securing Dangote Refinery would reinforce Johannesburg’s ambition to remain Africa’s leading capital-raising hub while supporting greater cross-border investment across the continent.
source: Business day
