Three subsidiaries of Dangote Group listed on the Nigerian Exchange Limited (NGX) saw their combined market capitalisation rise by N513.69 billion on Monday, the first trading day after the announcement of the start of production at the conglomerate’s oil refinery.
Late Friday, a video of the 650,000-barrels-per-day refinery roaring to life began to circulate on social media, causing excitement in many circles. On Saturday, Dangote Group announced that the plant had started producing diesel and aviation fuel.
Aliko Dangote, president/chief executive of Dangote Group, described it as “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects”.
His flagship company, Dangote Cement Plc, cemented its position ahead of MTN Nigeria Communications Plc with a market cap of N6.39 trillion, up from N5.96 trillion on Friday. The cement maker had on Friday overtaken the telecommunications company as the second most valuable firm on the NGX.
Dangote Sugar Refinery Plc saw its valuation rise to N898.87 billion from N828.42 billion on Friday, while that of NASCON Allied Industries Plc increased to N172.21 billion from N158.97 billion.
In a statement on Saturday, Dangote Group said products from the refinery would be in the market within this month once it received regulatory approvals.
It said the refinery had so far received six million barrels of crude oil at its two single point moorings located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the sixth cargo was delivered on January 8, 2024, it added.
It said the refinery can load 2,900 trucks a day at its truck-loading gantries, adding that the products will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and the country’s oil regulator’s emission/effluent norms, employing state-of-the-art technology, according to the statement.
