Dangote Refinery Mulls Dual Listing On NGX, London Stock Exchange

In a move to enlarge its investment space and provide enlarged opportunities for investing public, the management of Dangote Petroleum Refinery has opened up on plans for a dual listing on the London Stock Exchange (LSE) and Nigerian Exchange (NGX) Limited.

Executive Director of Dangote Group, Devakumar Edwin, disclosed this, according to Reuters report. Aliko Dangote, the founder of the refiner, was quoted in reports on May 24 that the company would be listed in Nigeria before the end of the year.

Edwin said the refinery would be listed on the stock exchanges in the United Kingdom and Nigeria because the NGX will not have adequate depth to exclusively handle the petroleum refinery.

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“We would have to take it to LSE (London Stock Exchange) but also list in NSE,” Edwin said. Subsidiaries of Dangote Group; Dangote Cement, Dangote Flour Mills, and Dangote Sugar, are all listed on the Nigerian bourse.

The 650,000 barrels per day refinery started operations with the production of diesel and aviation fuel on January 12 — after receiving six shipments of crude. Dangote, on May 17, said Nigeria would not have to import petrol into the country by June.

Speaking on the commencement of petrol production by the refiner, Dangote said by June, the company would be producing diesel and gasoline. Dangote refinery also plans to buy 24 million barrels of crude from the United States over the next year.

Besides the planned listing on LSE, the Chairman of the Dangote Group, Aliko Dangote, had earlier revealed that the $20 billion refinery would be listed on the NGX by December 2024.