• Tuesday, June 18, 2024
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Nigeria’s Dangote refinery plans London and Lagos listings

Dangote refinery to create $21bn annual market for Nigerian crude

Nigeria’s Dangote refinery is aiming for a dual listing on the London and Lagos bourses, a senior executive said on Tuesday.

Earlier on Tuesday, local media quoted Africa’s richest man, Aliko Dangote, who built the refinery, as saying he could try to list the company in Nigeria by the end of the year.

Asked to comment on Dangote’s statement to local media, Devakumar Edwin, Dangote refinery executive, told Reuters: “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.”

The refinery, Africa’s largest, built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion, was completed after several years of delay.
It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this year or next.

Dangote has been trying to secure crude supplies for his refinery. He has interests in Dangote Cement (DANGCEM.LG), opens new tab, Dangote Flour Mills and Dangote Sugar all listed on the Nigerian bourse.

In May, the company reached its first supply deal with TotalEnergies after it put out a tender for 2 million barrels of West Texas Intermediate (WTI) Midland crude every month for a year starting in July, according to tender documents.