The Nigerian Exchange Group (NGX Group) and other major African stock exchanges have launched a multi-country investor roadshow to promote the proposed 1.6 billion-dollar Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The initiative aims to expand cross-border investment and strengthen integration among African capital markets.
The share offer, described as Africa’s People IPO, could raise up to 2.1 billion dollars if the over-allotment option is exercised, providing retail and institutional investors with an opportunity to acquire shares in one of the world’s largest petrochemical operations.
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The company has extended the subscription period by two weeks, following approval from the Securities and Exchange Commission (SEC), to accommodate increased investor interest and facilitate wider participation across African and international markets.
The offer, comprising 4.1 billion ordinary shares priced at 525 naira each, opened on 14 September 2026 and was initially scheduled to close on 13 October. The deadline has now been extended to 27 October 2026.
President of the Dangote Group, Aliko Dangote, said discussions with the Nairobi Securities Exchange had helped identify a framework for facilitating participation by investors in other African countries.
He said the group was working to replicate the arrangement with other exchanges to widen access to the offer.
During engagements with market operators at the Egyptian Exchange, Ethiopian Securities Exchange and Botswana Stock Exchange, NGX Group Chairman, Dr Umaru Kwairanga, described the initiative as an important milestone in regional capital market integration.
“Beyond selling the shares of a stable and profitable enterprise, we are also offering the promise of a bigger, united African capital market that in the near future will compete effectively with the capital markets of the West and the Far East,” Kwairanga said.
He stressed the need for African financial markets to complement continental trade initiatives, including the African Continental Free Trade Area (AfCFTA).
Kwairanga said stronger markets, larger companies and increased cross-border investment were necessary to improve the continent’s competitiveness in the global financial system.
He added that Dangote’s business interests and influence extended beyond Nigeria, making it important for the IPO to attract investors across Africa.
Speaking at the Ethiopian Securities Exchange roadshow in Addis Ababa, Dangote reaffirmed his commitment to Africa’s economic development.
“Our commitment to the economic growth of Africa and partners like Ethiopia has no limit,” he said.
He described the refinery as an African enterprise established with African capital to address the continent’s needs, adding that opening ownership to investors across Africa would enable them to share in the returns from the investment.
In Cairo, Egyptian Exchange Chairman, Omar Radwan, said the exchange was considering Egyptian Depositary Receipts linked to Dangote Group companies to enable local institutional investors and family offices to participate through a locally traded instrument.
Similarly, Chief Executive Officer of the Ethiopian Securities Exchange, Tilahun Esmael Kassahun, welcomed the regulatory arrangements allowing eligible Ethiopian investors to participate in the offer.
He described the transaction as a significant development for Ethiopia’s capital market, noting that it would connect domestic savings with investment opportunities across the continent.
If fully subscribed across participating markets, the offer is expected to value the refinery’s enterprise at nearly 50 billion dollars, potentially establishing a benchmark for future cross-border listings in Africa.
