Korede Abdullah 
LAGOS, Nigeria – Africa’s largest refinery project is moving towards a historic multi-exchange listing as the Dangote Group explores a pan-African initial public offering (IPO) to broaden ownership and deepen regional capital markets.
Discussions held in Lagos on Monday revealed plans to list the refinery across multiple African stock exchanges, allowing investors from different countries to participate simultaneously.
Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, described the proposal as a “pan-African IPO” designed to remove geographic barriers to investment.
The refinery, owned by Aliko Dangote, currently processes about 650,000 barrels of crude oil daily, with expansion plans targeting 1.4 million barrels per day within three years.
Backed by financing from the African Export-Import Bank, the project has already begun exporting petroleum products across the continent amid supply shortages.
Analysts say the proposed listing could reshape cross-border investment but warn that regulatory complexities across jurisdictions may pose challenges.
Dangote Group officials confirmed ongoing discussions but declined to disclose timelines or valuation details.
Experts say the move could either strengthen Africa’s fragmented capital markets or expose weaknesses in regulatory coordination.
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Otamere Gladness 
