Dangote announces refinery listing on NGX

Billionaire businessman, Aliko Dangote, has revealed plans to list his $20bn Dangote Petroleum Refinery on the Nigerian Exchange Limited.

This plan is a major boon for the management of the local bourse who have been intensifying efforts in recent times to deepen the market by encouraging listings.

Dangote in an interview with Financial Times 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.”

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The businessman revealed that the refinery which is expected to produce diesel, kerosene and jet fuel, could 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 told the Financial Times, adding that a deal had already been clinched for the “first cargo of about 6mn barrels” for delivery next month.

The foremost businessman has some companies listed on the NGX already 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 to rival BUA Foods owned by another billionaire businessman, Abdul Samad Rabiu, who is also one of top players in the cement industry, BUA Cement.