Dangote to List Refinery on NGX

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Business tycoon, Aliko Dangote, has revealed his plans and intentions to put his $20bn Dangote Petroleum Refinery on the Nigerian Exchange Limited.

Safe to say that this plan is a huge blessing for the management of the local exchange market who have been intensifying efforts in recent times to deepen the market by encouraging listings.

In an interview, Dangote said that with the resolution of challenges with crude oil supply to the refinery, “We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”

He further revealed that the refinery, which is expected to produce diesel, kerosene and jet fuel, is likely to start operations in December, months after it was officially opened by former president, Muhammadu Buhari in May.

“We’re starting with 350,000 barrels a day,” Dangote said, adding that a deal had already been clinched for the “first cargo of about 6mn barrels” for delivery next month.

The businessman already has some of his companies listed on the NGX, like Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries. The last two firms are in the middle of a merger with Dangote Rice firm.

The merger is expected to result in a major food company that will rival BUA Foods owned by another billionaire businessman, Abdul Samad Rabiu, who is also one of the top players in the cement industry with his BUA Cement.

 

 

 

 

 

 

 

 

 

 

 

 

 

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