The project involves a $5 billion fundraising, backed by a global valuation of around $40 billion. The validation of the presentation file by the Nigerian stock exchange commission conditions the dissemination of the information prospectus in September, setting the closing of subscriptions in October. The IPO represents more than 4% of the total capitalization of the Lagos Stock Exchange, estimated at $116 billion, far surpassing the $876 million raised by MTN's subsidiary in 2019. The $20 billion treatment infrastructure processes 650,000 barrels of crude oil per day, supplying markets in Ghana, Togo, Cameroon, Cote d'Ivoire, and Tanzania, while the national company NNPC retains a 7% stake.

The lack of direct technical interconnection between regional stock exchanges prevents simultaneous listing in Nairobi or Johannesburg. Regional investment funds, particularly in Kenya where the appetite of pension funds reaches $500 million, will have to use depositary receipts to acquire indirect securities. The rapid structuring of substitute financial mechanisms is necessary to allow subscribers from the CEMAC and East African zones to participate in the issue.

The mobilization of regional capital confirms the maturity of sub-Saharan financial markets. The listing of a private industrial giant energizes stock trading on the Lagos exchange. Local savers' access to the refinery's capital redistributes the value generated by local oil processing.


Nlend Flore

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