Aliko Dangote plans to sell 10% of his $20 billion refinery via a landmark IPO targeting African exchanges, including Ethiopia’s ESX. This could mark ESX’s first secondary listing and boost Ethiopia’s capital markets.
A secondary listing is the listing of a company’s shares on a stock exchange other than its primary exchange, often to access new capital markets, increase liquidity, and broaden its investor base.
The offering values the 650,000 bpd refinery at $40-50 billion, raising up to $5 billion for expansion. Primary listing hits Nigerian Exchange in June-July 2026, advised by Stanbic IBTC, Vetiva, and FirstCap.
Dangote confirms that the Dangote Petroleum Refinery and Petrochemicals FZE will pay dividends to shareholders in US dollars after listing.
ESX executives joined NGX Group’s April 1 Lagos meeting with JSE, NSE, GSE, and BRVM to test cross-border listings using Dangote as pilot. A secondary Addis Ababa listing would pioneer ESX’s global appeal.