The Johannesburg Stock Exchange has opened talks with Dangote Group over a possible secondary listing of Dangote Petroleum Refinery, as the company prepares what could become Africa’s largest-ever IPO. Dangote plans to list first on the Nigerian Exchange in October, raising roughly $5 billion, before pursuing the Johannesburg listing. Six African exchanges, including those in Nigeria, Kenya, and the regional BRVM, have been discussing a pan-African listing framework since April, potentially using depositary receipts rather than direct dual listings. A July private placement valued the refinery at about $40 billion. Nigeria’s state oil company holds a small stake, and IPO proceeds could help fund the refinery’s next expansion phase.