Aliko Dangote Announces His Plans of Listing His Petroleum Refinery on Nigerian Exchange 

The richest man in Africa, Aliko Dangote, has declared his plan to list his Dangote Petroleum Refinery on the Nigerian Exchange Limited.

In a Financial Times interview, Dangote revealed this, saying the company has overcome issues with the supply of crude oil and is now ready for listing.

The action is in line with Dangote’s overarching business plan and may have a favourable effect on investor participation and the company’s valuation.

He said “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.”

Nigeria, the biggest oil producer in Africa, imports refined fuel in spite of the fact that four of its refineries are no longer operational. 

The nation’s foreign exchange reserves are being eroded by oil explorers who export crude to overseas refiners and then import it back to sell to downstream companies.

With its $20 billion refinery, Dangote is about to revolutionise the game. 

But with time and money running out, there were questions over whether Africa’s richest man, Aliko Dangote, would ever see the project through to completion.

The businessman revealed that the refinery which is expected to produce diesel, kerosene and jet fuel, would start operations in December.

He mentioned that a deal has been finalized for the first cargo of about 6 million barrels scheduled for delivery next month.

At its full planned capacity, the refinery would be able to produce 650,000 oil barrels per day, subsequently, with an initial rollout of 540,000 barrels per day.

The refinery, expected to generate 27 million liters of diesel, 11 million liters of kerosine and 9 million liters of jet fuel, will source crude from various producers in Nigeria, including the country’s state oil company.