For years, an investor in one African market could follow the growth of a major business in another, understand the industry and even have a view on its future, but still be unable to participate in it. Markets may sit on the same continent, but access has not always moved as easily across borders.

The Dangote Refinery IPO is opening that door for eligible investors across Africa.

With up to 4.1 billion shares on offer at ₦525 per share, the transaction is bringing one of Africa’s most significant industrial businesses to the Nigerian Exchange. The scale has naturally attracted attention, but the more interesting part for us is what the offer represents beyond Nigeria.

The refinery is Nigerian, but the story around it is much bigger. It speaks to Africa’s growing capacity to build businesses at scale in energy, manufacturing and trade, and to the possibility of African capital participating in African businesses beyond home markets.

That is the connection we are seeing through this offer. An investor in Rwanda, Côte d’Ivoire or another eligible African market can now look towards the Nigerian Exchange and consider participating in a major business outside their home market. It creates another link between African investors and the businesses shaping the continent’s economy.

For us, that connection is closely tied to the work we are already doing across African markets. Our Investment Banking and Securities businesses are supporting the Dangote Refinery IPO as Joint Issuing House and Official Stockbroker, while our growing presence across the continent continues to bring us closer to investors in different markets.