Africa’s richest man eyes Ethiopia bourse in pan-African listing push

Africa’s richest businessman, Aliko Dangote, is considering listing parts of his business empire on the Ethiopian Securities Exchange (ESX), in a move that could mark a turning point in Africa’s push toward more integrated capital markets.

According to ET Securities, an Addis Ababa-based financial platform, the plan shows a growing momentum for cross-border listings across the continent, as African exchanges deepen collaboration to attract large-scale issuers.

If realised, Dangote’s potential listing would represent a major vote of confidence in Ethiopia’s reform agenda and could accelerate the development of deeper, more connected capital markets across the continent.

The industrialist’s interest also comes as the continent’s second most populous nation accelerates efforts to build a modern capital market ecosystem. Since its launch in January 2025, the ESX—widely regarded as Africa’s youngest stock exchange—has been positioned to mobilise both domestic and international capital, with ambitions to host dozens of listings over the next decade.

Cross-border listings gain traction

Recent meetings in Lagos brought together executives from leading African exchanges, including the ESX, to explore frameworks that would allow companies to raise capital simultaneously across multiple markets—an approach seen as critical to improving liquidity and broadening investor access.

At the centre of these discussions is the planned initial public offering of the Dangote Petroleum Refinery, a multi-billion-dollar project expected to rank among Africa’s largest listings.

Market observers say the refinery could become a test case for a pan-African IPO, with shares potentially floated across several exchanges, including Ethiopia, subject to regulatory alignment.

Momentum on the exchange is already building.

Last week, Ethiopia’s largest privately owned lender, Awash Bank SC, listed on the ESX, bringing the total number of companies on the bourse to four.

The bank listed 37.9 million shares out of its 54.1 million registered shares, becoming the third financial institution to join the exchange’s Main Market since inception. The company’s debut is seen as the most significant listing on the exchange so far, providing institutional weight to a market still in its early stages.

The exchange was established to support Ethiopia’s transition from a state-led economic model to a more market-oriented system, with a focus on mobilising domestic savings and directing capital into investment-hungry sectors.