Dangote Petroleum Refinery has formally approached Nigeria’s Securities and Exchange Commission to begin the process for an initial public offering, marking a key step toward what is expected to become Africa’s largest stock market listing.
The refinery’s advisers are working with company officials and the SEC to process the application, SEC Director-General Emomotimi Agama said in an interview, adding that the regulator does not anticipate delays that could derail the planned share sale.
“If any issue arises, SEC will resolve it. That is why SEC exists,” Agama told BusinessDay.
No date has been formally approved for the transaction, though the company continues to target a September listing, consistent with plans previously reported by BusinessDay.
The IPO would rank among the continent’s biggest equity offerings and represent the most significant addition to Nigeria’s capital market in years, following repeated calls by regulators for large private companies to deepen the country’s equity
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