Dangote and African Exchanges Explore Wider Access to $1.6bn Refinery IPO

Dangote Group has held talks with African stock exchanges about widening access beyond Nigeria to the $1.6 billion IPO of its refinery. BRVM chief executive Edoh Kossi Amenounve said regulatory differences are complicating the effort, with Global Depositary Receipts among the options being considered. The offer closed on October 28 after attracting about 6.4 trillion naira in demand, roughly three times the shares offered; the shares are expected to list on the Nigerian Exchange later in November. Amenounve also said the launch of West Africa’s first derivatives market has been postponed to 2027 because of outstanding regulatory and technological requirements.