Dangote Petroleum Refinery could secure a secondary listing on the Johannesburg Stock Exchange (JSE) after completing its planned initial public offering (IPO) on the Nigerian Exchange, as investor interest in the company continues to grow across Africa.

A spokesperson for the JSE said discussions have taken place with the Dangote Group, adding that the refinery is expected to debut on Nigeria’s stock market before pursuing a listing in South Africa.

The Dangote Group is seeking to raise about $5 billion through the IPO and has reportedly submitted preliminary documents to Nigeria’s securities regulator. The company is targeting an October launch for the public offering.

Interest in the share sale is extending beyond Nigeria. Institutional investors in Kenya, including pension funds, are expected to contribute up to $500 million, representing about 10% of the planned capital raise.

The company has also engaged regulators and market participants in Egypt, Ghana and Rwanda to explore opportunities for investors in those countries to participate in the offering, reflecting the refinery’s growing appeal to investors across the continent.

Constructed at an estimated cost of $20 billion by Aliko Dangote, the 650,000-barrel-per-day refinery began fuel production in 2024 and reached full operating capacity earlier this year. The Nigerian National Petroleum Company (NNPC) holds slightly more than a 7% stake in the facility.

A recent private investment valued the refinery at approximately $40 billion after investors acquired a 6% stake for $2.5 billion. If completed as planned, the IPO is expected to rank among the largest public offerings in Africa and further strengthen the refinery’s position as one of the continent’s most valuable industrial assets.