NGX Group, African Exchanges Use Dangote Refinery Offer to Test Cross-Border Investment Framework

The Nigerian Exchange Group (NGX Group) is spearheading a concerted push to integrate Africa’s fragmented capital markets, using the landmark offer of Dangote Petroleum Refinery and Petrochemicals FZE as a practical test case for cross-border investment.

In a series of high-level engagements held on Thursday, October 15, 2026, in Cairo and Addis Ababa, NGX Group and its partners convened exchange leaders, financial institutions, and regulators to address the longstanding structural barriers that prevent capital from flowing freely across the continent.

The discussions, hosted by the Egyptian Exchange (EGX) in collaboration with Afreximbank and the Ethiopian Securities Exchange (ESX), focused on transforming Africa’s substantial pools of institutional capital, particularly pension funds and insurance companies, into a unified force for industrial development.

Temi Popoola, Group Managing Director/CEO of NGX Group, emphasized that the Dangote Refinery offer is more than just a single transaction; it is a blueprint for continental connectivity.

“Africa has substantial capital within its own markets,” Popoola said. “The challenge is how to connect that capital to investment opportunities across the continent. The Dangote Refinery offer provides a practical opportunity to address some of the infrastructure barriers to cross-border investment. It is about creating connections that enable African capital to finance African growth.”

The refinery’s scale was underscored by Aliko Dangote, President and Chief Executive of Dangote Industries Limited, who noted the facility’s role in reducing import dependence and strengthening productive capacity. He commended NGX Group for uniting African exchanges around the initiative, acknowledging the collaboration of the participating markets.
At the Cairo engagement, Omar Radwan, Executive Chairman of the EGX, highlighted the potential for Egyptian Depositary Receipts (EDRs) to serve as a vehicle for Egyptian investors to access leading African businesses. Radwan expressed the EGX’s readiness to work with Dangote Industries to explore a framework for such an arrangement.

Dr. George Elombi, President and Chairman of Afreximbank, reaffirmed the bank’s commitment to the initiative, citing its longstanding financing relationship with Dangote Industries and its broader mandate to mobilize African investment toward enterprises capable of driving economic transformation.
In Addis Ababa, the focus shifted to expanding investment opportunities for Ethiopian investors and deepening the country’s integration into the African capital market landscape.

Yodit Kassa, CEO of the ESX, welcomed the engagement as a sign of growing confidence in Ethiopia’s capital market. “The Dangote Petroleum Refinery offer represents an important opportunity for Ethiopian investors to participate in the growth of one of Africa’s leading industrial enterprises,” Kassa said.

The engagements in Egypt and Ethiopia follow earlier stops at the Nairobi Securities Exchange and the Botswana Stock Exchange, signaling a coordinated effort to harmonize market infrastructure across the continent.

Beyond the symbolic collaboration, the discussions addressed the technical requirements necessary for cross-border participation, including regulatory recognition, distribution, settlement, custody, and investor verification. For participating markets, the initiative aims to answer a critical question: how to channel local savings more efficiently into productive enterprises across the continent.

Alhaji (Dr.) Umaru Kwairanga, Group Chairman of NGX Group, stressed that the goal is to move beyond collaboration on a single offer toward lasting institutional partnerships.

“Our task is not simply to collaborate around one offer, but to develop lasting partnerships that support cross-border investment and capital formation across Africa,” Kwairanga said. “This requires cooperation among exchanges, regulators, financial institutions, and businesses.”

NGX Group reaffirmed its commitment to working with partner exchanges to strengthen market infrastructure and advance collaboration, contributing to the continent’s long-term industrial development.