The Board and management of Dangote Refinery have hinted on plans for dual listing of the company’s shares on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE) as part of efforts to boost its capital base for sustainable growth
The Chairman of the Dangote Group, Aliko Dangote, was quoted as disclosing the plan to list the company in Nigeria by the end of the year.
A senior executive of the multi-billion dollar refinery plant, Devakumar Edwin, when asked to comment on Dangote’s statement to journalists, told Reuters: “We have listed all our businesses. The Nigerian Stock Exchange, (NSE) will not have adequate depth to handle exclusively the petroleum refinery. We would have to take it to London Stock Exchange, (LSE) but also list in NSE.”
The refinery, which is Africa’s largest plant with capacity to refine up to 650,000 barrels per day (bpd), had gulped about $20 billion in cost before it commenced refining operations about two months ago
According to its tender documents, this month the company reached its first supply deal with TotalEnergies after it put out a tender for 2 million barrels of West Texas Intermediate (WTI) Midland crude every month for a year starting in July.
