RismadarVoice Reporters
November 6, 2026
Dangote Group is exploring arrangements that could allow investors across Africa to trade shares in its $1.6 billion refinery offering through regional stock exchanges, although differences in securities regulations remain a major obstacle.
The development was disclosed by Edoh Kossi Amenounve, Chief Executive Officer of the Abidjan-based Bourse Régionale des Valeurs Mobilières (BRVM), during an interview with Reuters on the sidelines of the Africa Financial Summit in Luanda, Angola.
Amenounve said discussions with African stock exchanges began in April 2026 following an invitation from Dangote Group.
According to him, the discussions focused on developing a framework that would facilitate wider African participation despite differing listing requirements across national and regional markets.
One proposal involves Global Depositary Receipts (GDRs), financial instruments that represent ownership of shares in a company and can be traded on exchanges outside its primary listing market.
Such an arrangement could provide investors in other African countries with additional access to Dangote refinery shares without requiring conventional listings in every participating market.
However, Amenounve explained that companies seeking multiple African listings currently face separate regulatory approval processes in each jurisdiction.
He called for greater harmonisation of securities regulations and mutual recognition of regulatory decisions to facilitate cross-border investment.
The refinery’s public offering officially closed on October 27, 2026, according to Dangote Petroleum Refinery’s investor announcement.
Reuters reported that the offering attracted approximately ₦6.4 trillion, equivalent to $4.77 billion, in subscription demand from Nigerian retail and institutional investors.
The reported demand was approximately three times the value of shares offered, although final allotment figures remain subject to the official regulatory process.
The shares are expected to begin trading on the Nigerian Exchange later in November, following the necessary approvals.
Amenounve also identified the African Exchanges Linkage Project as an existing technological platform capable of supporting cross-border securities transactions.
Separately, he disclosed that BRVM had postponed the launch of its planned derivatives market until 2027 because of outstanding regulatory and technological requirements.
The proposed market would initially offer forward contracts linked to stock indices and selected equities.
Amenounve further identified mining, agriculture, industrialisation and energy as important sectors for expanding Africa’s capital markets and attracting investment.
