Nigeria: NGX Group Strengthens Cross-Border Listings with African Exchanges
The Nigerian Exchange Group Plc (NGX Group), under the leadership of Group Chairman Umaru Kwairanga and Group Managing Director/CEO Temi Popoola, hosted a significant gathering of chief executives and senior representatives from prominent African exchanges in Lagos. This meeting aimed to enhance cross-border listings and foster deeper integration within the continent’s capital markets.
Gathering of African Exchange Leaders
The event attracted key stakeholders from the African Securities Exchanges Association, including representatives from the Johannesburg Stock Exchange (JSE), Ghana Stock Exchange (GSE), Ethiopian Securities Exchange (ESX), Bourse Régionale des Valeurs Mobilières (BRVM), and Nairobi Securities Exchange (NSE). Additionally, officials from Nigeria’s Securities and Exchange Commission, along with leading issuing houses and financial advisers such as Vetiva Capital Management, Stanbic IBTC Capital, and FirstCap, participated in the discussions.
Focus on Dangote Petroleum Refinery Listing
Central to the discussions was the anticipated listing of the Dangote Petroleum Refinery, which is seen as a pivotal case for cross-border capital formation and investor engagement across African markets. The session featured Aliko Dangote and Emomotimi Agama, Director-General of the Securities and Exchange Commission, who emphasized the importance of expanding access to capital and creating efficient pathways for issuers to raise funds across various African markets.
Emphasizing Market Integration
Umaru Kwairanga highlighted the necessity of market integration, stating that Africa’s economic future hinges on effectively connecting markets and mobilizing capital. He noted that strengthening collaboration among exchanges is vital for building resilient financial systems that support long-term growth across the continent.
Temi Popoola echoed this sentiment, stressing that the initiative aims not only to facilitate individual transactions but also to establish a sustainable framework that enables African capital to move more efficiently across borders. He asserted that deeper collaboration among exchanges is crucial for unlocking liquidity and positioning Africa as a competitive global investment destination.
Regulatory Support for Integration
Emomotimi Agama provided a regulatory perspective, underscoring the significance of the engagement. He stated that this moment represents a major step toward integrating Africa’s capital markets, aiming to create a unified investment landscape where African capital can be mobilized to finance the continent’s development. The Commission remains committed to supporting this process to ensure its success.
Long-Term Vision for African Investors
Aliko Dangote articulated the long-term vision behind the planned refinery listing, emphasizing its broader significance for African investors. He stated that the objective is to create sustainable wealth for Africa by enabling Africans to invest in and benefit from world-class assets developed on the continent. He affirmed that businesses with strong foreign currency-earning capacity will continue to be listed, providing African investors with opportunities to participate in their growth.
Collaboration Among Exchanges
Chief executives and senior representatives from the JSE, GSE, ESX, BRVM, and NSE also contributed to the dialogue, affirming the importance of enhanced collaboration among exchanges. They noted that the initiatives being developed have the potential to reshape Africa’s capital markets. Addressing fragmentation through stronger alignment among exchanges will be key to unlocking liquidity, expanding access, and positioning Africa for sustained growth.
Frameworks for Multi-Jurisdictional Listings
The discussions also explored frameworks to support multi-jurisdictional listings, the aggregation of investor demand through intermediaries, and improvements in cross-border settlement and market infrastructure.
The Dangote Petroleum Refinery, recognized as the world’s largest single-train refinery, is anticipated to bolster Nigeria’s capital market while contributing to broader economic goals, including reducing reliance on imported petroleum products and enhancing foreign exchange earnings.
The Lagos engagement represents a tangible step toward building the infrastructure necessary for a truly integrated African capital market. It reinforces NGX Group’s commitment to ensuring that African capital flows more freely across borders, supporting the continent’s long-term development.
Source: www.zawya.com
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Published on 2026-04-06 17:19:00 • By the Editorial Desk
