The Johannesburg Stock Exchange in South Africa wants Dangote Petroleum Refinery to also sell shares on its market, but only after Dangote first does it in Nigeria.
In simple terms, when a big company “lists,” it sells small pieces of itself to the public. That way, ordinary people and investors can buy shares and become part-owners. Dangote Refinery plans to do this first on the Nigerian Exchange later this year in what is expected to be the biggest share sale in Africa’s history, worth about $5 billion.
According to Businessday, JSE Chief Executive Valdene Reddy said South Africa hopes to welcome Dangote shortly after that first listing. “They will go and list in Nigeria first, but with a strong intent to hopefully bring that listing to South Africa shortly thereafter on the JSE,” she said. The idea is to give more Africans a chance to invest in one of the continent’s biggest companies.
This matters because Dangote Refinery has grown very fast since it started operations in 2024. It processes 650,000 barrels of crude oil every day and now supplies petrol, diesel and jet fuel to countries across Africa and even Europe. The company needs more money to expand its plant in Lagos and grow across the region, and selling shares is one of the main ways companies raise that money.
Having a second listing in South Africa would benefit everyone. Nigerians still get first access, but investors in South Africa and other countries can also buy in. South Africa’s market is also much bigger and more active. On an average day, about $1.5 billion to $2 billion worth of shares are traded there, compared to roughly $10 million to $20 million in Nigeria. That extra activity means more buyers and sellers for Dangote shares.
Other African stock markets in Kenya, Egypt, Ghana and Rwanda are watching closely too, because landing a company like Dangote is a big deal for any exchange.
The JSE is not just chasing Dangote. It’s also trying to attract more African businesses in mining, technology, property and construction. It’s rolling out new technology and tools to make investing easier, and it wants African tech companies to choose Johannesburg over places like London or New York.
For the JSE, bringing Dangote on board would be a major win. For Dangote, it means more investors and more visibility. And for everyday Africans, it could be a sign that big companies are choosing to grow and raise money right here on the continent instead of going abroad.