SEC, NGX, Others Engage African Exchanges on Cross-border Listings

Kayode Tokede

The Securities & Exchange Commission ((SEC), NGX Group Plc and other capital market stakeholders in Africa recently convened in Lagos to advance cross-border listings and deepen integration across the continent’s capital markets.

The engagement brought together stakeholders within 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), lead issuing houses and financial advisers, Vetiva Capital Management, Stanbic IBTC Capital and FirstCap (First Capital).

At the center of discussions was the planned listing of the Dangote Petroleum Refinery, positioned as a test case for cross-border capital formation and investor participation across African markets. 

The session, which brought together President and CEO of Dangote Group, Aliko Dangote, and the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, focused on expanding access to capital and developing efficient pathways for issuers to raise funds across multiple African markets.

Providing regulatory perspective, Director-General of the Securities and Exchange Commission, Emomotimi Agama, underscored 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 said.

Speaking on the broader imperative of integration, Kwairanga said,  “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.”

Also commenting, Popoola, emphasised 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.

Dangote emphasised 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 said.

Chief Executives and senior representatives of the JSE, GSE, ESX, BRVM, and NSE also spoke, each affirming the importance of greater exchange collaboration:

“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,” they said.

Discussions also examined frameworks to support multi-jurisdictional listings, aggregation of investor demand through intermediaries, and improvements in cross-border settlement and market infrastructure.

Widely regarded as the world’s largest single-train refinery, the Dangote Petroleum Refinery is expected to strengthen Nigeria’s capital market while contributing to broader economic objectives, including reducing reliance on imported petroleum products and supporting foreign exchange earnings.

The Lagos engagement marks a concrete step in building the infrastructure required to realize a truly integrated African capital market, and reinforces NGX Group’s commitment to ensuring that African capital flows more freely across borders in support of the continent’s long-term development.