Nigeria’s Dangote refinery plans to pursue a dual listing on both the London and Lagos stock exchanges.
On Tuesday, Devakumar Edwin, an executive at Dangote Refinery, unveiled this proposed development.
Last year, in an interview with the Financial Times, Aliko Dangote announced the intention to publicly list his Dangote Petroleum Refinery on the Nigerian Exchange Limited.
Devakumar Edwin, the Dangote refinery executive, told Reuters that the Nigerian Stock Exchange alone would not be able to handle the refinery exclusively giving way to the London listing.
In February, Umaru Kwairanga, Chairman of the Nigerian Exchange Group, also confirmed that Dangote Industries plans to list its refinery and fertilizer companies.
The $20.5 billion Dangote refinery. which commenced production in January after enduring years of delay, boasts a processing capacity of 650,000 barrels per day.
The refinery was recently ranked above Europe’s 10 largest refining facilities. The $20.5 billion facility has a processing capacity of 650,000 barrels per day.
Early this year, Dangote Cement, a subsidiary of Dangote Industries Limited, surpassed the N10 trillion market cap, becoming the first Nigerian company to achieve this milestone.
Source: Norvanreports