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Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
Africa's most ambitious equity offering is shaping up into something bigger than a domestic IPO. NGX Group convened the chief executives of five major African stock exchanges — Johannesburg, Ghana, Nairobi, Ethiopia and the BRVM — in Lagos to discuss cross-border listing pathways for the Dangote Refinery. Analysts expect the offering to price at between $40 and $50 billion, which would make it the largest equity offering ever carried out on an African exchange and could push the NGX's total market capitalisation through the N200 trillion threshold for the first time. One proposed feature is particularly striking: investors would subscribe in naira but receive dividend payments in U.S. dollars, drawn from the refinery's projected $6.4 billion in annual export revenue.
Meanwhile, Femi Otedola confirmed that he and Aliko Dangote spent Easter Sunday with President Tinubu discussing Nigeria's economy and the administration's reform agenda. And we published our April 6 Investor Memo, "The Kirsh Effect," breaking down what Africa's new second-richest man reveals about where the continent's real wealth lives.
Top Stories
African stock exchanges eye Dangote Refinery IPO as NGX convenes cross-border listing talks NGX Group CEO Temi Popoola hosted JSE, NSE, GSE, ESE and BRVM leaders alongside Dangote and lead issuing houses Stanbic IBTC, Vetiva and FirstCap. Dangote plans to float between 5 and 10 percent of the refinery, retaining majority control. The naira-subscription, dollar-dividend structure is under active review by Nigeria's SEC.
Otedola and Dangote met Tinubu on Easter Sunday to discuss Nigeria's economy Otedola disclosed the meeting on Instagram. The post attracted over 1,000 comments and a divided response from Nigerians. No specific policy areas were made public.
Profiles
Aaron Holiday: From Goldman algo trader to $550 million venture capitalist Four years writing algorithms at Goldman Sachs, then a bet on venture capital. The bet now manages $550 million.
Marques Torbert: From no financial connections to a $350 million company and a PE firm Built a $350 million company from scratch, then launched a private equity firm.
This week's Investor Memo is now available for Elite subscribers:
→ Investor Memo: The Kirsh Effect — What Africa's Invisible Second-Richest Man Reveals
