Dangote Refinery To List on NGX
Aliko Dangote will be listing Dangote Refinery on the Nigerian Exchange Limited (NGX).
“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.”
"We are starting with 350,000 barrels a day. The challenges that we faced, I don’t know whether other people can face these challenges and even survive. It is either we sink, or we sail through. And we thank Almighty that at least we have arrived at the destination.”
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This will be a big one; waiting for the prospectus.
Comment 1: This is welcome news for Nigeria's economy and capital markets! Integrated oil refineries have been sorely lacking, forcing us to export crude oil only to reimport refined products at higher costs. Dangote's massive refinery coming online and listing publicly is a huge step toward oil and fuel self-sufficiency for Nigeria. I expect the IPO will draw enormous interest from domestic retail and institutional investors alike.
My only hope is that the government provides the necessary support to ensure the refinery's smooth operations and unimpeded access to crude supply.
I will be following the IPO closely and anticipate Dangote Refinery having a sizable weighting in the NGX composite index given its scale. A proud day for Nigerian enterprise when the listing happens! Well done Alhaji Dangote and team.
The play looks nice. At least when you want to complain about monopoly and who dominates the economy, own some shares first, while the rantings continue. Well played.
