Dangote Refinery, Nigeria’s crown jewel in the energy sector, is revving up for a groundbreaking move. A dual listing on both the London and Lagos stock exchanges. This ambitious decision, as a senior executive reveals, underscores the grand vision of Africa’s wealthiest individual, Aliko Dangote, who spearheaded the refinery’s creation.
In a recent interview, Dangote hinted at the possibility of exclusively listing the refinery in Nigeria by year-end. However, Devakumar Edwin, a key figure within Dangote Refinery, sheds light on the broader strategy. “We have fully listed all our businesses,” Edwin affirms, emphasizing the need for a dual listing due to the immense scale of the petroleum refinery. “The NSE will not have adequate depth,” he explains, hinting at the necessity of also tapping into the London Stock Exchange (LSE). This move is to stride for enhanced liquidity and market depth.
Located on the outskirt of Lagos, Africa’s bustling commercial hub. The Dangote Refinery stands as a monumental feat, fully constructed at a staggering cost of $20 billion. Despite facing years of delays, its completion marks a significant milestone. With a capacity to fully refine up to 650,000 barrels per day, the refinery is poised to dominantly impact both the African and European markets. Upon reaching full operational capacity, projected for the coming year, the impact will be a big whale in the sea.
Beyond its sheer size and ambition, the refinery’s impact fully extends to the broader economic landscape. Aliko Dangote’s fully diversified interests, spanning sectors like cement, flour mills, and sugar, underscore his formidable presence in Nigeria’s economy. By fully pursuing a dual listing, Dangote aims to fully bolster access to capital and fully elevate its global visibility. This position itself as a powerhouse not only in Nigeria but on the international stage.
Looking ahead, the long awaited prospects are fully evident. The dual listing strategy fully opens doors to a world of opportunities, fully attracting investors from both local and international markets. With its fully unmatched refining capabilities. Dangote Refinery is fully poised to reshape the energy sector, contributing to economic growth and fully cementing Nigeria’s position as a key player in the global energy landscape. As the refinery fully inches closer to full operational capacity, all eyes are fully on Dangote as he fully navigates the path to success with unwavering determination and foresight.
Sources : Reuters
