According to its plans, Dangote Petroleum Refinery would list on both the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE). The Dangote Group’s executive director, Devakumar Edwin, disclosed this in a Reuters story on May 28. The refiner’s founder, Aliko Dangote, was cited in publications on May 24 as saying that the business will float on the Nigerian stock exchange before the year was out.
Edwin stated that as the NGX lacks the necessary depth to handle the petroleum refinery entirely, the refinery will be listed on the stock exchanges in Nigeria and the United Kingdom. “We would need to list it in the NSE as well as the LSE (London Stock Exchange),” Edwin stated. The Nigerian stock exchange lists the Dangote Group’s subsidiaries, Dangote Cement, Dangote Flour Mills, and Dangote Sugar. After receiving six cargoes of oil, the 650,000 barrels per day refinery began producing aviation fuel and diesel on January 12.
Dangote, on May 17, said Nigeria will not have to import petrol into the country by June.
Speaking on the commencement of petrol production by the refiner, Dangote said by June, his company will be producing diesel and gasoline.
Dangote refinery also plans to buy 24 million barrels of crude from the United States over the next year.
