L-R : Shehu Shantali, Managing Director and CEO, Central Securities Clearing System Plc (CSCS); Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group Plc (NGX Group); Tom Mulwa, Chairman, Nairobi Securities Exchange; Aliko Dangote, President and Chief Executive, Dangote Industries limited; Samaila Zubairu, President and Chief Executive Officer, Africa Finance Corporation (AFC); Temi Popoola, Group Managing Director and Chief Executive Officer, NGX Group and Fram Mwiti, Chief Executive Officer, Nairobi Securities Exchange at the Dangote Petroleum Refinery IPO High-Level Investor Engagement held at NSE, Kenya on September 30, 2026.
By Peace Udugba -The Daily Torch Media
Nigerian Exchange Group Plc (NGX Group) and the Nairobi Securities Exchange (NSE) have deepened their cross-border collaboration as market leaders gathered in Nairobi to unlock strategic growth opportunities across African capital markets.
The initiative gained significant traction during the Dangote Petroleum Refinery IPO High-Level Investor Engagement hosted by the NSE. Speaking at the event, Aliko Dangote, President and Chief Executive of Dangote Industries Limited, commended NGX Group Chairman Umaru Kwairanga and Group Managing Director/CEO Temi Popoola for pioneering pan-African capital-market integration.
Dangote emphasized that deeper exchange integration will empower African corporates to raise capital across multiple regional markets instead of remaining constrained by local borders. Highlighting the strategic scope of pan-African trade, he cited Dangote’s proposed 700,000-barrel-per-day refinery in Lamu, Kenya—designed to supply East Africa—as a model for how cross-border industrial operations can benefit from dual and multi-market exchange listings.
Building a Scalable Model for Pan-African Integration
The Nairobi forum builds upon a momentum-setting executive session convened by NGX Group in Lagos last April, where market leaders across Africa gathered to discuss infrastructure connectivity and cross-border listing frameworks.
Temi Popoola, GMD/CEO of NGX Group, stressed that while the Dangote Refinery IPO provides an immediate catalyst, the overarching goal is long-term continental market integration.
“When we began this engagement, our objective was continental: to bring African exchanges together and explore how we can create stronger connections between African capital markets,” Popoola said. “Kenya represents an important first step in translating that ambition into practical collaboration. We see this engagement with the NSE as a prototype that can be strengthened and replicated across West Africa and the wider continent.”
Aligning with the African Exchanges Linkage Project
This bilateral partnership directly aligns with broader continental initiatives, including the African Exchanges Linkage Project (AELP), which aims to streamline cross-border order routing, trade execution, and investment flows across African capital markets.
Welcoming the delegation, Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, commended NGX Group’s leadership. Mwiti noted that structured institutional collaboration will share technical expertise, deepen market liquidity, and expand options for both institutional investors and corporate issuers across Africa.
