Dangote's share sale reaches Egypt as it courts investors across Africa
After Kenya, Botswana and Ethiopia, the $1.6bn refinery IPO is heading to the Egyptian Exchange. The offer now closes on 27 October.
Cairo — The Dangote refinery is taking its $1.6 billion share sale to Egypt, as it tries to draw investors from across Africa, Nairametrics reports.
Rehab Sallam, head of international relations at the Egyptian Exchange, disclosed the move on Thursday after a meeting between the exchange and Dangote Industries executives. The talks are expected to lay the groundwork for depositary receipts that would let Egyptian investors own a stake without buying on the Nigerian market.
Across the continent
- Kenya: the Capital Markets Authority approved a prospectus on 5 October allowing investors to join through global depositary receipts.
- Botswana: Gaborone has been chosen as the trading venue for $500 million of depositary receipts aimed at southern African investors.
- Ethiopia: the regulator has allowed the refinery to offer IPO-linked securities to up to 100 qualified investors.
The offer
- 4.1 billion shares at ₦525 each, seeking about $1.6 billion, or about $2.1 billion with an over-allotment option.
- The closing date has been extended by two weeks, from 13 to 27 October, with the approval of Nigeria's Securities and Exchange Commission, to give people more time to open accounts and verify their identity.
- The refinery is aiming for up to 10 million investors, with a focus on ordinary savers in Nigeria and across Africa.
The offer is expected to rank among Africa's largest public share offers.
Source: Nairametrics, reporting by Emmanuel Azubuike, 15 October 2026.
