NGX, Dangote lead talks on cross-border listings across African markets

Nigerian Exchange Group Plc has partnered with to drive discussions on cross-border listings and stronger integration of Africa’s capital markets.

At a high-level meeting held in Lagos on April 1, 2026, NGX Group Chairman Umaru Kwairanga and Group Managing Director/CEO Temi Popoola hosted chief executives and senior representatives from leading African stock exchanges to explore ways of boosting capital flows across the continent.

The session brought together members of the African Securities Exchanges Association, including delegates from the Johannesburg, Ghana, Ethiopian, BRVM, and Nairobi exchanges. Nigerian regulators and market operators were also present, including the Securities and Exchange Commission Nigeria and financial advisory firms such as Vetiva Capital, Stanbic IBTC Capital, and FirstCap.

A key focus of the engagement was the planned listing of the Dangote Petroleum Refinery, seen as a landmark opportunity to test cross-border fundraising and broaden investor participation across African markets. Discussions involving Aliko Dangote and SEC Director-General Emomotimi Agama centered on creating efficient pathways for companies to raise capital across multiple jurisdictions.

Kwairanga stressed that Africa’s economic growth depends on better-connected markets and stronger collaboration among exchanges to mobilize local capital and build resilient financial systems.

Popoola also highlighted the broader vision, noting that the initiative goes beyond individual transactions and aims to establish a framework that enables smoother capital movement across borders, unlocks liquidity, and enhances Africa’s appeal to global investors.

From a regulatory standpoint, Agama described the meeting as a significant step toward building a unified African investment landscape capable of financing the continent’s development goals.

Dangote, whose group is behind the refinery project, said the planned listing aligns with a long-term vision of creating wealth within Africa by allowing local investors to participate in high-quality, globally competitive assets. He added that the group intends to continue listing such assets to deepen investment opportunities across the continent.

Representatives from participating exchanges echoed the importance of collaboration, noting that stronger alignment would help reduce market fragmentation, improve liquidity, and expand access to investment opportunities.

The talks also explored practical measures to support cross-border listings, including harmonising regulatory frameworks, aggregating investor demand through intermediaries, and improving settlement systems and market infrastructure.

Widely regarded as the world’s largest single-train refinery, the Dangote Petroleum Refinery is expected to boost Nigeria’s capital market while reducing reliance on imported fuel and supporting foreign exchange earnings.

The Lagos meeting marks a concrete step toward building an integrated African capital market and reinforces NGX Group’s commitment to enabling freer movement of capital across the continent to support long-term economic growth.