May 29, (THEWILL) – Dangote refinery has disclosed ongoing plans for a dual listing on the stock exchanges of Nigeria and London.
A senior executive at the refinery, Devakumar Edwin, confirmed the plan to Reuters on Tuesday.
“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 the LSE (London Stock Exchange), but also list on NSE”, Edwin told Reuters.
Earlier on Tuesday, local media quoted the President of Dangote Group, Aliko Dangote, as saying he could try to list the company in Nigeria by the end of the year.
Commenting on the development, an industry expert said the plan to list the refinery on both the stock exchanges of Nigeria and London, will earn it more trust from international investors and a better credit rating.
Dangote said the 650,000 barrels of crude oil per day Petroleum Refinery in Ibeju-Lekki, Lagos, can supply West Africa’s petrol and diesel needs, and the continent’s aviation fuel demand. He had also assured Nigerians of sufficient gasoline, saying the country would not need to import the product from June 2024.
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