A top official at Dangote Refinery has stated that the business plans to pursue dual public listing on the London Stock Exchange (LSE) and the Nigerian Exchanges (NGX).
The refinery’s builder, Aliko Dangote, is the richest man in Africa. Earlier on Tuesday, local media reported that Dangote may attempt to float the firm in Nigeria by year’s end.
Executive at the Dangote refinery, Devakumar Edwin, told Reuters that “we have listed all our businesses” in response to a question about Dangote’s remarks to the local press. The Nigerian Stock Exchange (NSE) lacks the necessary depth to manage the petroleum refinery on its own. It would need to be listed on the NSE in addition to the LSE (London Stock Exchange).
The refinery, Africa’s largest, built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion, was completed after several years of delay.
It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this year or next.
Dangote has been trying to secure crude supplies for his refinery. He has interests in Dangote Cement, which opens new tab, Dangote Flour Mills and Dangote Sugar all listed on the Nigerian bourse.
In May, the company reached its first supply deal with TotalEnergies after it put out a tender for 2 million barrels of West Texas Intermediate Midland crude every month for a year starting in July, according to tender documents.
