Aliko Dangote is taking his campaign to attract more African investors in his $1.6 billion refinery initial public offering (IPO) to Egypt.
This is after the billionaire met President Abdel Fattah El-Sisi to discuss the group’s investment plans and opportunities in energy, fertilisers, chemicals and cement. Egypt has indicated its willingness to facilitate potential investments by the group.
The Egyptian Exchange (EGX) is also exploring the use of Egyptian depositary receipts, which could allow local investors to gain exposure to Dangote’s businesses without requiring a conventional cross-listing of the refinery’s shares.
Differences in securities regulations a barrier?
The refinery’s IPO is seeking to raise about $1.6 billion, with the offer period extended to October 27, 2026, to give investors more time to participate and complete regulatory requirements.
Africa has substantial pools of domestic savings, but these funds do not always flow easily across national borders. Differences in securities regulations, trading infrastructure and investor-access rules can make it difficult for people in one African country to invest in businesses based in another.
His visit to Egypt comes as Dangote Petroleum Refinery and Petrochemicals is working to expand participation beyond Nigeria, where the offer was launched. The company is targeting investors across African markets, allowing individuals and institutions to own a stake in one of the continent’s largest industrial projects.
But reaching investors across Africa has proved more complicated than simply opening the offer to the public.
Fragmented markets remain a major obstacle
Egypt is the latest African market being targeted by Dangote Group as it establishes investment arrangements to facilitate participation in the refinery’s IPO across the continent.
In Kenya, the Capital Markets Authority (CMA) approved a short-form prospectus submitted by Renaissance Capital (Kenya) Limited on October 5, 2026, allowing eligible investors to participate in the offering through global depositary receipts.
The arrangement enables Kenyan investors to gain exposure to shares in Dangote Petroleum Refinery through securities representing ownership in the Nigerian company.
In Botswana, the company is pursuing a similar programme, with Gaborone selected as the trading venue for $500 million worth of depositary receipts targeting investors across Southern Africa.
Ethiopia has also joined the investment expansion, with the country’s capital markets regulator approving an arrangement allowing Dangote Petroleum to offer IPO-linked securities to up to 100 qualified investors within Ethiopia.
The IPO has exposed a longstanding challenge in African finance, where investors often struggle to buy securities listed in another African country because regulations, trading systems and investment procedures differ from one market to another.
Dangote has argued that African businesses should be able to raise capital across the continent rather than depend heavily on a small number of international financial centres.