Nigeria's Dangote Refinery mulls dual listing in Lagos, London
TLDR
- Dangote refinery considering dual listing on London and Nigerian stock exchanges for capacity expansion.
- Potential listing in Nigeria by end of the year hinted by Chairman Aliko Dangote, Africa's wealthiest individual.
- Refinery secured deal with TotalEnergies for crude oil supply, reducing reliance on US oil imports.
Nigeria's Dangote refinery is considering a dual listing on both the London and Nigerian stock exchanges, according to senior executive Devakumar Edwin. This move is prompted by the belief that the Nigerian Exchange alone may not have the capacity to exclusively accommodate the refinery.
Chairman Aliko Dangote has hinted at a potential listing in Nigeria by the end of the year. As Africa's wealthiest individual, Dangote also oversees interests in Dangote Cement, Dangote Flour Mills, and Dangote Sugar, all of which are listed on the Nigerian stock exchange.
The refinery recently finalized a deal with oil major TotalEnergies for crude oil supply, a significant development considering the facility's prior reliance on oil imports from the United States, despite being situated in Africa's largest oil producer.
Key Takeaways
The Dangote Refinery, with a capacity of 650,000 barrels per day, stands as Africa's largest single-train refinery. Anticipated to be a transformative force in Nigeria's oil and gas sector, the refinery aims to diminish the country's dependence on imported fuel and generate substantial export revenue. The decision to list the Dangote Refinery on the Nigerian Exchange Limited (NGX) is expected to draw a diverse range of investors, both from domestic and international markets. This listing is poised to enhance the liquidity of the Nigerian stock market and bolster its reputation as a prominent regional investment hub.
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