The Namibia Securities Exchange (NSX) has signalled its openness to a potential listing by Africa’s richest man, Aliko Dangote, as discussions around a pan-African initial public offering (IPO) gather momentum.
Responding to The Brief about Dangote’s reported plans to pursue a multi-exchange listing for his refinery business, NSX Chief Executive Officer Tiaan Bazuin maintained a cautious stance, noting that the exchange does not comment on potential or speculative listings.
However, he said the bourse would “welcome any such listing”, signalling Namibia’s readiness to participate in what could become a landmark capital markets transaction.
“We can’t comment on potential or possible listings, but obviously we would welcome any such listing,” he said.
Momentum around the IPO has been building, with Nairobi Securities Exchange Chief Executive Officer Frank Mwiti confirming that Dangote is exploring a multi-listing strategy across several African bourses.
Reports indicate that Dangote has appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as advisers on the transaction.
If completed, the listing would mark one of the first pan-African IPOs, with the potential to deepen capital markets, boost liquidity and broaden investor participation across the continent.
Dangote has indicated that at least 5% of the refinery could be floated initially, with shares to be released in phases depending on investor demand and market conditions.
His long-term stake could be reduced to between 65% and 70%.
The refinery, built at an estimated cost of US$20 billion in Lagos, has a processing capacity of 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world. Plans are also in place to expand capacity to 1.4 million barrels per day.
The Dangote Group has also been linked to a planned investment in Namibia, estimated at approximately N$2.6 billion (US$140 million), through the development of a petroleum tank farm at the Port of Walvis Bay, with negotiations with the Namibian government ongoing over the final scope of the project.
