LE BRIEF

Nigeria / WAEMU: Dangote and BRVM explore regional access to refinery equity

LE BRIEF • 2026-11-05

Discussions include depositary receipts to broaden access across African markets. No definitive investment mechanism through the regional BRVM exchange has yet been approved.

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LE BRIEF — Thursday, 5 November 2026, enriched consolidated edition By the LE BRIEF newsroom Country or region : Nigeria / WAEMU Source publication : 4 November 2026 Event : Remarks in Luanda on 4 November; talks began in April Supplied photograph: an aerial view of refinery facilities provided for the Dangote report. Industrial illustration; precise identification and date are uncertified. Photograph supplied to the newsroom; provenance and reproduction rights are undocumented. The Dangote refinery could open a new channel for cross-border investment in Africa. According to remarks reported by Reuters on 4 November, the Nigerian group is discussing access to its equity beyond its domestic market with several African exchanges, including the regional BRVM. BRVM chief executive Edoh Kossi Amenounve said on the sidelines of the Africa Financial Summit in Luanda that talks began in April at Dangote's invitation. Differences in listing and authorisation rules have complicated efforts to establish a common arrangement. Depositary receipts among the options One possibility involves Global Depositary Receipts, or GDRs: instruments representing shares that could be admitted on other exchanges. This does not mean the refinery is already listed on BRVM or that regional investors can subscribe there immediately. The roughly $1.6 billion initial offering reportedly attracted about $4.77...