Nigeria’s Dangote looks to expand IPO access to exchanges across Africa

After launching Africa’s biggest IPO in September, Nigeria’s Dangote Group is looking to make shares in its Lagos refinery available through more African stock exchanges.

The $1.6 billion offering drew close to $5 billion in orders and shares are due to list on the Nigerian exchange later this month.

Now Dangote is wants to widen access to investors across Africa. But differing national listings are complicating the plan.

One option would be to use Global Depositary Receipts – tradable certificates representing shares, similar to arrangements used in Kenya and Botswana.

The head of the Abidjan-based regional exchange BRVM is urging African regulators to adopt mutual recognition, saying the technology is already available but regulation is lacking.