Dangote’s $39B Refinery Is Going Public — Here’s How Africans Can Invest

Africa’s richest man, Aliko Dangote, is making history with plans for a landmark public offering of his oil refinery. The company is exploring a pan-African structure that could allow investors from across the continent to participate in one of the continent’s biggest listings. 

At a valuation of roughly $39 billion, it has the potential to be the largest initial public offering in African history. The company plans to sell a 5 – 10% stake, potentially raising around $5 billion in one of Nigeria’s biggest capital market deals. Ahead of the offering, the company is also seeking to raise about $1 billion through a private placement.

The refinery is scheduled to list on the Nigerian Exchange (NGX) in September. Dangote has also explored mechanisms that could allow investors across South Africa, Kenya, Ghana, Ethiopia, and Francophone West Africa to participate, subject to regulatory approvals.

The Biggest Refinery in Africa 

The Dangote Group already operates the largest single-train oil refinery in the world in Lekki, Nigeria. The facility has a processing capacity of up to 650,000 barrels of crude oil per day. Now, Dangote is planning to build a second major oil refinery. This time, in East Africa. Potential sites across Mombasa, Lamu, and Tanzania’s Tanga are still being considered. The East African refinery is still in the feasibility stage, but is estimated to cost between $15 billion and $17 billion. 

Meanwhile, his existing refinery is preparing for a landmark public offering, with investors across several African markets expected to gain access through mechanisms that are still being finalized. One proposed feature of the IPO is a dividend arrangement that could allow investors to purchase shares in local currencies while receiving dividends in U.S. dollars.

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Nigerian Exchange (NGX) 

The Dangote Petroleum Refinery will be primarily listed on the NGX, which is the main entry point for Nigerian investors. The NGX has seen significant growth over the last two years. Between 2024 and 2025, the NGX All-Share Index grew by a staggering 51%. 

To get started, you need a brokerage account. Your broker must be registered with the NGX and a member of the Central Securities Clearing System (CSCS). You will also need a personal CSCS number, which is mandatory for all trades. Apps like Chaka, Bamboo, and Trove make the process fully digital. You can start investing with as little as ₦1,000. Diaspora investors can also participate entirely online without visiting a branch.

Nairobi Securities Exchange (NSE)

Kenya’s NSE is where East African investors will access the Dangote listing. The first step is opening a Central Depository and Settlement (CDS) account. You do this through a licensed stockbroker registered with Kenya’s Capital Markets Authority (CMA). You will need a national ID, KRA PIN, passport photo, and proof of residence. 

Once your CDS account is active, fund it via bank transfer or M-Pesa. To open your CDS account, you must deposit a minimum amount of 3000ksh; however, subsequent deposits do not have a minimum amount. Then instruct your broker to place your order. Diaspora investors can open accounts and trade remotely through select brokers.

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Johannesburg Stock Exchange (JSE)

Running since 1887, the JSE is Africa’s largest and most established stock exchange. On the South African stock exchange market, any listed company must have a minimum free float of 20%, meaning at least one-fifth of the company is available to the public. But since the Dangote Petroleum refinery is only selling 5-10% of its shares, analysts have suggested that participation by South African investors could potentially be facilitated through depository receipts rather than direct shares.

To invest, open an account with a JSE-registered stockbroker. Your broker will be regulated by the Financial Sector Conduct Authority (FSCA). Trading hours run from 9:00 AM to 5:00 PM on weekdays. Trading on the JSE is also accessible for non-residents, provided they have a registered stockbroker in the country. 

Ghana Stock Exchange (GSE)

The GSE is Ghana’s primary stock market and one of the strongest-performing exchanges in 2026. It has posted a year-to-date gain of over 154% on its composite index. To invest, you need an account with a licensed GSE stockbroker. When opening a Ghanaian brokerage account, you will need a valid Ghanaian ID or passport, proof of address, contact information, and bank details. Your broker will also open a Central Securities Depository (CSD) account to hold your shares electronically. Fund your account via bank deposit, bank transfer, or mobile money, then instruct your broker to place a buy order. There is no minimum investment amount required to open your account. Foreigners and members of the diaspora can also trade on the GSE. 

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Bourse Régionale des Valeurs Mobilières (BRVM)

The BRVM is a regional exchange serving eight Francophone West African countries. These include Ivory Coast, Senegal, Togo, Benin, and four others. Operating across eight different countries means that the BRVM has built-in diversification. A single company listed on the BRVM is automatically exposed to eight different economies, reducing the political or economic risk associated with operating in a single country. The BRVM currently lists 47 securities and has gained over 19% year-to-date in 2026. 

Investors in BRVM member states can access the exchange through a licensed broker registered with the Conseil Régional de l’Épargne Publique et des Marchés Financiers (CREPMF), the regional securities regulator. From there, you open a securities account, deposit funds in CFA francs, and place buy orders through your broker. Platforms like Daba allow users to buy BRVM-listed stocks directly from their phones. 

Ethiopian Securities Exchange (ESX)

The ESX is Africa’s newest stock exchange, having launched in January 2025. To invest, you need a licensed local broker registered with the Ethiopian Capital Market Authority (ECMA). The ESX has also launched a mobile trading app called Neway for retail investors. International investors can participate, though foreign ownership in the banking sector is capped at 40%. The ESX is still building out its regulatory framework, so investors should monitor listing confirmations before committing capital.

What to Do Before the IPO Opens

If successful, the Dangote Petroleum Refinery offering could become one of the most ambitious cross-border listings in African history. Investors should always conduct their due diligence, monitor official announcements from the Nigerian Securities and Exchange Commission, and consult a licensed financial advisor before committing capital.

Main Image Aliko Dangote, via Flickr (Creative Commons)

Details of the proposed IPO, including timing, structure, participating exchanges, and investor access, remain subject to regulatory approvals and may change as the listing process moves forward.