Dangote Refinery Speaks on Lagos, London Stock Exchange Listing, Gives Details

Dangote Refinery Speaks on Lagos, London Stock Exchange Listing, Gives Details

  • Nigeria's richest man, Dangote, has given a clue on when his multi-billion-dollar refinery will be listed on Lagos and London stock exchanges
  • A top official said the plan is to dual list on the London and Lagos stock exchanges by year-end
  • It is expected that the refinery will reach its full capacity to become the largest in Africa by year-end or early next year

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

A top official has confirmed that Dangote Refinery intends to dual list on the London and Lagos stock exchanges.

Dangote refinery announces plan to list on Lagos and London stock exchanges
Aliko Dangote planning to list his company in Nigeria before end of the year. Photo Credit: Dangote Group, Andrew Holt
Source: UGC

This came after Aliko Dangote, the richest man in Africa, stated that he may attempt to list the company in Nigeria before the end of the year.

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Confirming this, Devakumar Edwin, a Dangote Refinery executive, told Reuters:

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“We have listed all our businesses. The NSE (Nigerian Stock Exchange) will not have adequate depth to handle exclusively the petroleum refinery. We would have to take it to LSE (London Stock Exchange) but also list in NSE.”

When it reaches full capacity this year or next, the $20 billion refinery will be the largest refinery in Africa and Europe, with a capacity of up to 650,000 barrels per day (bpd).

Dangote has been attempting to obtain an oil supply for his refinery. After putting out a contract for 2 million barrels of West Texas Intermediate (WTI) Midland crude every month for a year beginning in July, the company signed its first supply agreement with TotalEnergies in May, as per the tender documents.

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His holdings include Dangote Sugar, Dangote Flour Mills, and Dangote Cement (DANGCEM.LG), all of which are traded on the Nigerian stock exchange.

Dangote makes changes to diesel price

Legit.ng previously reported that Dangote Petroleum Refinery raised the diesel price from N940 per litre to N1,100 due to the slide in the naira's value against the US dollar.

On April 17, 2024, the refinery reduced the product's price from N1,200 per litre to N1,000, following marketers' calls for a price slash.

On April 24, 2024, the refinery crashed the diesel and aviation fuel prices to N940 per litre and N980, respectively.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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