The CEO of the Nairobi Securities Exchange (NSE), Frank Mwiti, and chairperson of the Botswana Stock Exchange (BSE), Neo Mooki, joined investors and market stakeholders at the opening ceremony of the Facts Behind the Offer presentation for Dangote Refinery, as shares of the company are currently being listed on the Nigerian Exchange Limited (NGX).
The bosses of the exchanges attended the presentation on Monday, underscoring growing continental interest in the landmark transaction.
The listing is taking place as Dangote Refinery seeks to broaden ownership of one of Africa’s largest industrial assets and deepen participation in Nigeria’s capital market.
Mooki congratulated Aliko Dangote on the scale of the refinery, recalling a visit to the facility a few months ago with Botswana’s Vice President and her team.
‘I want to congratulate Alhaji Dangote. We came to visit the refinery a few months ago with the Vice President of the country and her team. As we walked into the refinery, she paused and said, ‘It feels like I am standing in the middle of ambition.”
She said the project demonstrated the scale of what African entrepreneurs could achieve.
‘I want to congratulate you for the audacity and for showing the world that African ambition can build on a scale that can change the world,’ Mooki said.
She added that the refinery demonstrated that Africans could own and build assets of continental significance. ‘I want to thank you for proving that Africans can own African ambition; Africans can own what belongs to Africa. I always say, ‘Africa is not poor; it is unmonetised.”
Mooki said the next step should be to ensure that the opportunity created by the refinery extends across African markets.
‘Finally, she implored Dangote to work with us to make sure that this ambition can be owned right across Africa, from Gaborone to Nairobi.’
The participation of senior officials from African stock exchanges highlights the potential for the listing to strengthen cross-border investment and deepen connections among the continent’s capital markets.
Dangote Refinery has a capacity of 700,000 barrels per day and is one of Africa’s largest privately financed industrial projects. In April, Dangote Group announced plans for a landmark cross-border, pan-African IPO that would list the $20 billion refinery on multiple African stock exchanges following its primary listing in Nigeria.
The IPO is expected to provide investors with an opportunity to take ownership in the refinery while potentially creating a new avenue for mobilising African capital to finance large-scale industrial assets.