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The Dangote refinery is aiming for a dual listing on the London and Lagos bourses, stated Devakumar Edwin a senior executive of Dangote refinery. Africa’s richest man and Chairman of the group, Aliko Dangote earlier quoted as saying he could try to list the company in Nigeria by the end of the year.
Nigeria’s Dangote Oil Refinery is considering a dual listing on the NSE (Nigerian Stock Exchange) Lagos and London Stock Exchanges. This decision aims to address concerns about the Lagos Stock Exchange’s capacity to handle the exclusive listing of the refinery, which aspires to become a key hub for petroleum products in West, Central, and East Africa. The company would have to take it to LSE (London Stock Exchange) but also list in NSE, said Devakumar Edwin.
Dangote has been trying to secure crude supplies for his refinery. He has interests in Dangote Cement, Dangote Flour Mills and Dangote Sugar, all listed on the Nigerian bourse. This deal comes as the company aims to secure reliable oil supplies. Since April, the refinery has been delivering diesel and jet fuel to oil traders and plans to start its first gasoline deliveries in June. Operational since January 2024, the Dangote Refinery primarily imports American crude and aims to become a major supplier of petroleum products across West, Central, and East Africa.
The refinery, Africa’s largest, built on a peninsula on the outskirts of the commercial capital Lagos for USD 20 billion, was completed after several years of delay. 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.
In May, the company reached its first supply deal with TotalEnergies, after it put out a tender for 2 million barrels of West Texas Intermediate (WTI) Midland crude every month for a year starting in July, according to tender documents. The company since earlier in the year, has been refining diesel, jet fuel and other petroleum products and is expected to begin the production of petrol in June.
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Despite the best efforts from the government, Nigeria is still losing 400,000 barrels of crude oil daily to local and international smugglers, stated the National Security Adviser (NSA), Malam Nuhu Ribadu. Ribadu disclosed this when he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers State.
The Nigerian National Petroleum Company Limited (NNPC) has said it recorded 310 cases of crude oil theft in the past week. In its weekly update on the activities of the national oil company, the NNPC said that the cases were discovered between May 18 and May 24.
