Johannesburg – The Johannesburg Stock Exchange (JSE) says it has engaged with Nigeria’s Dangote Group and expects the company’s massive petroleum refinery could pursue a secondary listing in South Africa after its planned initial public offering (IPO) in Nigeria.
In a statement to Reuters, the JSE said: “They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa.”
Reuters reported that Dangote Group is seeking to raise $5 billion (about R81.6 billion) through the IPO, with sources saying the company has made a preliminary filing with Nigeria’s regulator and is targeting an October listing. One source also said the group wants other African capital markets to participate, with Kenya potentially raising $500 million.
The 650,000-barrel-per-day Dangote Petroleum Refinery, built at an estimated cost of $20 billion by Africa’s richest man, Aliko Dangote, began producing fuel in 2024 and reached full capacity earlier this year. Valued at around $50 billion (R825 billion), it is Africa’s largest refinery.
Standard Bank is playing a leading advisory role in the IPO through its Nigerian unit. CEO Sim Tshabalala recently visited the refinery, saying: “We are here because the Dangote Group is a large and important global player and a significant force on the African continent.”
🇳🇬 Dangote Refinery Eyes South Africa Stock Market Listing 🇿🇦
Nigeria’s Dangote Petroleum Refinery plans to pursue a secondary listing on the Johannesburg Stock Exchange (JSE) after completing its planned IPO in Nigeria.
JSE officials say the company has shown strong interest… pic.twitter.com/jEtcGR0F6j
— Global Statistics Wire (@stats_wire) August 6, 2026
He added: “As the group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”
The prospect of a secondary JSE listing has also sparked speculation about whether Dangote could invest in South Africa’s refining sector following the closure of the SAPREF refinery in Durban.
However, according to Green Building Africa, the company has made no announcement regarding investment in the SAPREF redevelopment or any other South African refining project.
The former 180,000-barrel-per-day SAPREF refinery, previously jointly owned by BP and Shell, has been idle since 2022 after operational challenges and flood damage. The South African government later acquired the facility through the Central Energy Fund and transferred it to the South African National Petroleum Company, which plans to redevelop it as a modern refinery.
Instead, Dangote Industries is focusing its next major refining investment on Kenya, where it has confirmed plans to build a 700,000-barrel-per-day refinery at the Port of Lamu. Once completed, the facility is expected to become East Africa’s largest refinery and the second largest on the continent, underscoring the group’s continued expansion beyond Nigeria.
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Compiled by Betha Madhomu
