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Umaru Kwairanga, the chairman of Nigerian Exchange Group (NGX), announced on Monday that two prominent entities within the Dangote Industries Group, a leading conglomerate steered by Africa’s wealthiest individual, Aliko Dangote, are gearing up for listing on the exchange in the near future.
During a ceremonial event commemorating the visit of the Senate Committee on Capital Market and Institution to the NGX headquarters in Lagos, Kwairanga disclosed that the Dangote Oil Refinery and Dangote Fertilizer Company are slated for listing on the exchange imminently. The move comes as part of the commitment from the private sector, according to Kwairanga.
“In discussions held last week, the president of Dangote Group, Aliko Dangote, affirmed to me that the Dangote Refinery will soon be listed on this market. Additionally, he indicated intentions to list the fertilizer company, Dangote Fertilizer,” Kwairanga said.
Market boost urged: Kwairanga calls for increased listing of key entities like NNPC and NLNG
Kwairanga emphasized the importance of bolstering market participation, urging additional power generation companies (GenCos) and entities like the Nigerian National Petroleum Corporation Limited (NNPCL), Nigeria LNG (NLNG), and Pension Fund Administrators (PFAs) to consider listing on the exchange. This, he underscored, would ensure that all listings are conducted to the advantage of the investing public.
Kwairanga’s revelation echoes an earlier statement made by Dangote in an interview last year, wherein he hinted at the refinery’s eventual listing without specifying a timeline. The disclosure aligns with various projections for 2024, which anticipated the listing of the refinery, predicting it would significantly uplift the market.
Dangote Oil Refinery powers up: Diesel and aviation fuel production underway
The Dangote Oil Refinery, with a capacity of 650,000 barrels per day, aspires to meet Nigeria’s entire demand for refined petroleum products, including petrol, diesel, kerosene, and aviation fuel. Notably, the refinery has commenced the production of Automotive Gas Oil (diesel) and JetA1 (aviation fuel) as part of its operational activities.
Meanwhile, marketers affiliated with the Major Oil Marketers Association of Nigeria (MOMAN) have inked agreements with the Dangote Oil Refinery for the lifting and distribution of refined petroleum products. Key players in this alliance include Conoil, led by telecom and oil magnate Mike Adenuga, as well as other industry giants like Total Nigeria, NNPC Retail, and Ardova (formerly owned by Nigerian billionaire Femi Otedola), among others.
