CAIRO (Realist English). Nigerian billionaire Aliko Dangote, founder and chairman of Dangote Group, made an official visit to Egypt, where he discussed with President Abdel Fattah el-Sisi the expansion of the group’s investments and access for African investors to the largest IPO in the continent’s history.
Meeting with el-Sisi
Egypt’s president received Dangote on October 3 on the sidelines of the “Alamein — Africa for Business” forum in New Alamein. Prime Minister Mostafa Madbouly and Foreign Minister Badr Abdelatty attended the meeting. El-Sisi noted Dangote Group’s successes in the cement, fertilizer, energy, and food industries, emphasizing the group’s contribution to strengthening the production capacity of African countries.
Dangote expressed interest in the Egyptian government’s support for the group’s investments in the country, and the president confirmed readiness to provide all necessary conditions. According to Egyptian media, the group is considering investments in Egypt of up to $15 billion, including in the oil and gas sector.
Dialogue with the Egyptian Exchange
A key element of the visit was a meeting with the leadership of the Egyptian Exchange. Exchange Chairman Omar Radwan said the platform is studying the possibility of admitting shares of Dangote Group’s industrial companies to trading through the mechanism of Egyptian Depositary Receipts (EDRs).
“The exchange seeks to develop financial instruments that strengthen investment ties between Egypt and African markets,” Radwan said. According to him, the mechanism will allow Egyptian institutional investors and family offices to diversify their portfolios through West African industrial assets.
The Egyptian Exchange is ready to coordinate regulatory and operational requirements with Dangote Group for the implementation of the mechanism, which should support capital movement and the integration of African financial markets.
Pan-African IPO
The visit to Egypt is part of Dangote’s strategy to promote the IPO of the oil refinery in Nigeria, which is being called the largest in Africa’s history. The placement of 4.1 billion shares at 525 naira per share (about $0.40) could raise up to $2.1 billion, and the company’s valuation is approaching $50 billion.
The main listing will take place on the Nigerian Exchange, but the company seeks to ensure participation of investors across the continent. The exchanges of South Africa, Kenya, Egypt, Ghana, and Rwanda held a series of meetings with Dangote’s advisors. Due to the complexity of obtaining simultaneous regulatory approvals in multiple jurisdictions, it was decided not to conduct a cross-listing, but to use depositary receipt mechanisms.
Kenya has already approved an indirect investment scheme through Renaissance Capital using global depositary receipts that will trade on the Nairobi Exchange. In Uganda, access is limited to professional and high-net-worth investors. A similar mechanism is being developed for Botswana.
Timeline and extension
The subscription was initially scheduled to close on October 13 but was extended to October 27 — to give more time to African investors, especially where regulatory procedures complicated participation. DPRP CEO David Bird said: “The additional time will help us extend this opportunity to more investors across Africa.”
Dangote’s visit to Egypt is not just a protocol meeting. It is part of a systemic attempt to build pan-African investment infrastructure: from depositary receipts in Nairobi and Gaborone to EDRs in Cairo.
If the model works, it will create a precedent for other large African companies seeking to attract capital across the continent without cross-listing. However, questions remain: the refinery’s $50 billion valuation raises doubts among analysts, and the limited free float (about 3.3%) may constrain liquidity.
For Egypt, participation in the scheme is a way to strengthen its status as a regional financial hub and gain access to West African assets. For Dangote, it is an opportunity to expand the shareholder base and strengthen political ties with key African capitals ahead of the completion of the largest placement in the continent’s history.
