Dangote Industries Limited held discussions with stock exchanges across Africa on expanding participation in its $1.6 billion refinery initial public offering (IPO) beyond Nigeria, but differing regulatory frameworks prevented a broader cross-border listing.
The Chief Executive Officer of the Bourse Régionale des Valeurs Mobilières (BRVM), Edoh Kossi Amenounve, disclosed this in an interview with Reuters on the sidelines of the Africa Financial Summit in Luanda, Angola.
According to Amenounve, discussions began in April at the invitation of Dangote and centred on how investors in other African markets could participate in the refinery’s IPO despite varying listing requirements across the continent.
“It was not easy to reach a consensus on how the IPO could be conducted across these different markets,” Amenounve said.
He explained that one option considered was the use of Global Depositary Receipts (GDRs), which would have allowed financial instruments representing Dangote Refinery shares to be listed on other African exchanges, similar to arrangements previously implemented in Kenya and Botswana.
The Dangote Refinery IPO, which closed on October 28, attracted about ₦6.4 trillion in subscriptions from Nigerian retail and institutional investors—almost three times the amount offered, according to sources familiar with the transaction.
The company’s shares are expected to be listed on the Nigerian Exchange later this month.
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Amenounve said companies seeking listings in multiple African markets currently require separate approvals from securities regulators in each jurisdiction, a process he described as a major obstacle to cross-border capital market integration.
Amenounve called for greater regulatory harmonisation and mutual recognition among African regulators to simplify the process.
“If you want to ease this kind of process, maybe it is time to think about harmonisation and mutual recognition,” he said.
He noted that while the technology required for cross-border trading already exists through the African Exchanges Linkage Project (AELP), regulatory differences continue to hinder seamless market integration.
Meanwhile, the BRVM chief disclosed that the launch of West Africa’s first derivatives market has been postponed until 2027 due to outstanding regulatory and technology requirements.
He said the exchange also expects one or two IPOs next year and stressed the need to diversify the regional capital market beyond its current concentration in banking and telecommunications.
“The future of the continent is also in mining, agriculture, industrialisation and energy,” Amenounve said.
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