Two companies under Dangote Group to be listed on the Nigerian Stock Exchange

The chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga, has announced that two major subsidiaries of the Dangote Industries Group, a leading conglomerate headed by Africa's richest man, Aliko Dangote, are preparing to list on the exchange soon.

Kwairanga made this disclosure on February 5 at a ceremonial event to mark the visit of the Senate Committee on Capital Market and Institution to the NGX headquarters in Lagos.

He said that the Dangote Oil Refinery and Dangote Fertilizer Company are ready to go public as part of the private sector's contribution to the market.

"Last week, I had a discussion with the president of Dangote Group, Aliko Dangote, and he confirmed to me that the Dangote Refinery will be listed on this market shortly. He also expressed his intention to list the fertilizer company, Dangote Fertilizer," Kwairanga said.

Kwairanga stressed the need to boost market participation, calling on more power generation companies (GenCos) and entities like the Nigerian National Petroleum Corporation Limited (NNPCL), Nigeria LNG (NLNG), and Pension Fund Administrators (PFAs) to list on the exchange.

He added that this would ensure that all listings are done in the best interest of the investors.

Kwairanga's announcement follows an earlier statement by Dangote in an interview last year, where he hinted at the refinery's listing without giving a timeline.

The announcement is in line with various forecasts for 2024, which expected the listing of the refinery to have a positive impact on the market.

The Dangote Oil Refinery, which has a capacity of 650,000 barrels per day, aims to meet Nigeria's entire demand for refined petroleum products, such as petrol, diesel, kerosene, and aviation fuel.

The refinery has already started producing Automotive Gas Oil (diesel) and JetA1 (aviation fuel) as part of its operations.

Meanwhile, marketers under the Major Oil Marketers Association of Nigeria (MOMAN) have signed agreements with the Dangote Oil Refinery for the lifting and distribution of refined petroleum products.

Some of the key players in this deal include Conoil, owned by telecom and oil mogul Mike Adenuga, and other industry leaders like Total Nigeria, NNPC Retail, and Ardova (formerly owned by Nigerian billionaire Femi Otedola), among others.

ID/MA

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