Africa’s richest man, Aliko Dangote, has announced plans to list his $20bn Dangote Petroleum Refinery on the Nigerian Exchange (NGX).
Speaking to the Financial Times, Dangote revealed that the refinery would be floated on the NGX as a separate company, in what will be a significant development for the Nigerian bourse.
In recent years, the NGX has actively sought to deepen the market by encouraging more listings. Dangote himself has listed numerous companies on the exchange, including Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries.
Despite facing initial hurdles, Dangote Petroleum Refinery is gearing up to commence operations in December and will focus on the production of diesel, kerosene and jet fuel. The refinery will have a capacity of 350,000 barrels per day (bpd), and a deal has already been secured for the first cargo of approximately 6mn barrels, scheduled for delivery in the first month.
It is planned that the refinery will go a long way to helping Nigeria end its reliance on imported fuel. Despite being a major oil producer, Nigeria has not had the capacity to refine its own crude, meaning that it spends billions of foreign each year on fuels.
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