Africa's richest man, Aliko Dangote, has disclosed that his $20 billion worth of oil refinery 'Dangote Refinery' will soon be listed on the Nigerian Exchange Limited (NGX) to attract investors into the billion-dollar company.
This great step taken by Dangote is a significant move for Dangote Industries, Africa’s biggest conglomerate.
Dangote disclosed the refinery listing during an interview section with the Financial Times; he added that the company has gone through many challenges related to the supply of crude oil, paving the way for the refinery’s listing.
The listing on the NGX will boost investor confidence and open more growth opportunities for Dangote Industries.
“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.”
The Dangote Refinery is Africa’s largest single-train refinery, with 650,000 barrels per day capacity. The refinery is expected to transform Nigeria’s oil and gas sector, which will shorten Nigeria’s reliance on imported fuel and boost export revenue.
During the interview, Dangote expressed his vision for the refinery to become independent, further solidifying its position as a global oil and gas industry player.
The billionaire also confirmed that the refinery will begin operation in December 2023 and is expected to produce 350,000 barrels daily, the first half of the refinery's target.
He also confirmed that a deal had already been clinched for the first cargo of about 6 million barrels of crude for delivery in December 2023.
We are starting with 350,000 barrels a day. I don’t know whether other people can face our challenges and survive. Either we sink, or we sail through. And we thank Almighty that at least we have arrived at the destination.
Dangote said he firmly believed in the refinery’s capability to achieve its desired output of 650,000 barrels per day at the end of 2024.
About Dangote Refinery
Dangote Refinery is owned by Africa’s richest man, Aliko Dangote, and the Dangote Group. The company was inaugurated on May 22, 2023, in Lekki, Nigeria. In full operation, the refinery is expected to process over 650,000 barrels of crude oil daily, making it the largest single-train refinery in the world. It’s worth over $20 billion.