$20bn Dangote Petroleum Refinery to list on Nigerian Exchange

By bne IntelliNews November 27, 2023

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Kenya to implement real-time tax system for crypto transactions amid regulatory uncertainty

The Kenya Revenue Authority (KRA) plans to introduce a real-time tax system to track and tax cryptocurrency transactions, aiming to close a significant gap in revenue collection on digital assets, ... more

South Africa's Maritime Business Chamber urges faster development of oil and gas reserves

South Africa’s Maritime Business Chamber (MBC) is urging the government to speed up initiatives to tap into the country’s vast oil and gas reserves, Energy Capital & Power (ECP) ... more

South Africa looks to BRICS+ bloc of nations to grow agriculture exports

South Africa plans to take advantage of upcoming summit of the BRICS+ group of nations in Russia to secure more markets for its agriculture exports, according to Business Report. Wandile Silholo, ... more

Follow Us On

Most Read

  1. Can the BRICS beat the G7?
    6 days ago
  2. Hezbollah leader relocated to Tehran
    6 days ago
  3. Aggressive “furry movement” teens made up as cats and dogs face crackdown in Uzbekistan
    9 days ago
  4. BRICS members hoping to develop a digital "BRICS Pay" cryptocurrency international trade system
    8 days ago
  5. Africa, Asia most people living in extreme poverty
    1 year ago
  1. PROFILE: Remigijus Zemaitaitis, Lithuania's new radical-right leader
    18 days ago
  2. RAGOZIN: What is Zelenskiy’s real Plan B?
    1 month ago
  3. LONG READ: Europe has lost its competitive edge
    26 days ago
  4. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    6 months ago
  5. Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
    4 months ago

Reports

Dismiss