daniel chigunwe
Aliko Dangote, Africa’s richest man has announced intentions to publicly list his Dangote Petroleum Refinery on the Nigerian Exchange Limited.
Dangote made this known in an interview with the Financial Times, stating that the company has resolved challenges about crude oil supply and is now prepared for the listing.
The move aligns with Dangote’s broader business strategy and could impact the company’s valuation and investor engagement positively.
What he said: “We have resolved all the issues with crude oil supply,” Dangote stated. “We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
“We are starting with 350,000 barrels a day. The challenges that we faced, I don’t know whether other people can face these challenges and even survive. It is either we sink, or we sail through. And we thank Almighty that at least we have arrived at the destination.”
Nigeria is Africa’s largest oil producer, but it imports refined petrol despite having four refineries that have become dysfunctional.
Oil explorers in the country export crude to foreign refiners and import it back to the country for sale to downstream players, eroding its foreign exchange reserves.Dangote’s US$20 billion refinery is poised to be a game changer. However, due to persistent delays and cost overruns, doubts emerged about whether Aliko Dangote, Africa’s wealthiest individual, would ever complete the project.
The businessman revealed that the refinery which is expected to produce diesel, kerosene and jet fuel, would start operations in December. – Business Insider Africa
Online Reporter