Dangote plans a $5 billion refinery IPO in Nigeria, with a secondary listing planned on South Africa's JSE.

Dangote Petroleum Refinery plans to raise $5 billion through an IPO, targeting an October debut on the Nigerian Exchange.

The Johannesburg Stock Exchange is in discussions to host a secondary listing of the refinery following its primary Nigerian debut.

The refinery, built for $20 billion and recently valued at $40 billion, has drawn interest from investors in Kenya, Egypt, Ghana, and Rwanda.

The landmark $5 billion IPO represents a significant step for pan-African capital integration, with institutional investors from Kenya, Egypt, Ghana, and Rwanda being courted to participate.

If the JSE secondary listing succeeds, it could establish a precedent for other mega-scale African industrial assets to dual-list, thereby deepening cross-border liquidity between West and South Africa.

For East African pension funds, particularly in Kenya, this offering provides a rare avenue to diversify into large-scale West African energy infrastructure.