Dangote Refinery Plans Dual Listing on London, Lagos Stock Exchange

Devakumar Edwin, a senior executive at the Dangote refinery, informed Reuters that the company is planning a dual listing on both the London and Lagos stock exchanges.

This announcement follows remarks made by Aliko Dangote, the Chairman of the group, who stated earlier in the week his intention to potentially list the company in Nigeria by the end of the year. This plan comes after Dangote previously expressed his desire to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited.

Edwin explained that while the Nigerian bourse may not have the capacity to handle the listing exclusively, the company intends to list on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE).

The Dangote refinery, built at a cost of $20 billion, is Africa’s largest and has the capacity to refine up to 650,000 barrels per day.

Despite facing delays, the refinery is set to reach full capacity this year or next.

Additionally, the Nigerian National Petroleum Company Limited (NNPC) reported 310 cases of crude oil theft in the past week, with incidents ranging from illegal refining to vandalism of pipelines and storage sites across various states in the Niger Delta region.