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Africa|Cement|Petroleum|Refinery
Africa|Cement|Petroleum|Refinery
africa|cement|petroleum|refinery

Nigeria's Dangote refinery plans London and Lagos listings by end 2024

The Dangote oil refinery

Photo by Reuters

28th May 2024

By: Reuters

  

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Nigeria's Dangote refinery is aiming for a dual listing on the London and Lagos bourses by the end of this year, a senior executive said on Tuesday.

"We have listed all our businesses," Devakumar Edwin, Dangote refinery executive, told Reuters. "The NSE (Nigerian Stock Exchange) will not have adequate depth to handle exclusively the petroleum refinery. We would have to take it to LSE (London Stock Exchange) but also list in NSE."

The refinery, Africa's largest, was built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion by the continent's richest man Aliko Dangote, and was completed after several years of delays.

It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this year or next.

Dangote has been trying to secure crude supplies for his refinery. He has interests in Cement, Flour Mills and Sugar, all listed on the Nigerian bourse.

In May, the company reached its first supply deal with TotalEnergies after it put out a tender for two million barrels of West Texas Intermediate (WTI) Midland crude every month for a year starting in July, according to tender documents.

Edited by Reuters

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