NGX Group Unites African Exchanges to Boost Cross-Border Listings
Nigerian Exchange Group Plc (NGX Group) has taken a significant step toward deepening integration across Africa's capital markets by convening chief executives and senior representatives of leading African exchanges in Lagos. The meeting, led by Group Chairman Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola, aimed to advance cross-border listings and foster greater collaboration among the continent's financial hubs.
Key Stakeholders and Discussions
The engagement brought together 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 the Nairobi Securities Exchange (NSE). Also present were officials from Nigeria's Securities and Exchange Commission (SEC), along with lead issuing houses and financial advisers such as Vetiva Capital Management, Stanbic IBTC Capital, and FirstCap (First Capital).
A highlight of the discussions was the planned listing of the Dangote Petroleum Refinery, which is positioned as a test case for cross-border capital formation and investor participation across African markets. The session featured Alhaji Aliko Dangote, President and CEO of Dangote Group, and Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission, focusing on expanding access to capital and developing efficient pathways for issuers to raise funds across multiple African markets.
Leadership Perspectives on Market Integration
NGX Group Chairman Umaru Kwairanga set the tone by emphasizing the critical need for market connectivity. "Africa's economic future will depend on how effectively we connect our markets and mobilize our own capital. Strengthening collaboration among exchanges is essential to building resilient financial systems that support long-term growth across the continent," he noted.
Group Managing Director Temi Popoola highlighted the importance of collaboration in unlocking Africa's capital market potential. "What we are building is not just about facilitating individual transactions, but about creating a sustainable framework that allows African capital to move more efficiently across borders. Deeper collaboration among our exchanges will be critical to unlocking liquidity and positioning Africa as a competitive global investment destination," he said.
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission, stressed the significance of the engagement. "This moment represents a major step in our ambition to integrate Africa's capital markets. It is about creating a unified investment landscape where African capital can be mobilized to finance Africa's development. The Commission remains committed to supporting this process and ensuring its success," he affirmed.
Dangote's Vision and Broader Implications
Aliko Dangote emphasized the long-term vision underpinning the planned refinery listing and its broader significance for African investors. "Our objective is to create sustainable wealth for Africa by ensuring that Africans can invest in and benefit from world-class assets built on the continent. We are building businesses with strong foreign currency earning capacity and will continue to list these assets, giving investors across Africa the opportunity to participate in their growth," he stated.
Chief executives and senior representatives from the JSE, GSE, ESX, BRVM, and NSE also spoke, each affirming the importance of greater exchange collaboration. They collectively noted, "What is being developed here has 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 and Economic Impact
Discussions also examined frameworks to support multi-jurisdictional listings, aggregation of investor demand through intermediaries, and improvements in cross-border settlement and market infrastructure. The Dangote Petroleum Refinery, widely regarded as the world's largest single-train refinery, is expected to strengthen Nigeria's capital market while contributing to broader economic objectives. These include reducing reliance on imported petroleum products and supporting foreign exchange earnings, thereby enhancing the continent's financial resilience and growth prospects.
