Report: Dangote refinery to list on NGX, London Stock Exchange

Dangote Petroleum Refinery says it has plans for a dual listing on the London Stock Exchange (LSE) and Nigerian Exchange (NGX) Limited.

Devakumar Edwin, executive director of Dangote Group, made this known in a Reuters report on May 28.

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.

“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 will not have to import petrol into the country by June.

Speaking on the commencement of petrol production by the refiner, Dangote said by June, his company will be producing diesel and gasoline.

Dangote refinery also plans to buy 24 million barrels of crude from the United States over the next year.