Nigeria’s Dangote refinery is gearing up for a dual listing on both the London and Lagos stock exchanges, as revealed by Devakumar Edwin, an executive at Dangote Refinery, during a recent announcement.
Aliko Dangote had previously expressed the intention to publicly list Dangote Petroleum Refinery on the Nigerian Exchange Limited, as mentioned in an interview with the Financial Times last year.
However, Edwin highlighted that solely listing on the Nigerian Stock Exchange wouldn’t suffice due to insufficient depth, necessitating a London listing alongside the local one.
Confirming this move, Umaru Kwairanga, Chairman of the Nigerian Exchange Group, affirmed that Dangote Industries intends to list its refinery and fertilizer companies.
With a staggering investment of $20.5 billion, the Dangote refinery commenced production in January after overcoming years of delays.
Boasting a processing capacity of 650,000 barrels per day, it has already been ranked among Europe’s top 10 largest refining facilities.
Moreover, Dangote Cement, a subsidiary of Dangote Industries Limited, achieved a market cap exceeding N10 trillion earlier this year, marking a significant milestone for Nigerian companies.
