Encomium
Dangote Petroleum Refinery and Petrochemicals – dubbed the 8th wonder of the world and valued at over $22 billion – will go public and list its shares on the Nigerian Exchange before March 31, 2025.
The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, 67, disclosed the plan to list at a media parley on the grounds of the complex in Ibeju-Lekki (Lagos) on Sunday, July 14, 2024.
The move will turn many investors into billionaires and multi-millionaires, and expand the benefits to all from the world’s largest single train refinery at 650,000 barrels per day.
Africa’s richest man (with $13.2 billion net worth on Forbes real time rich list in the morning of Wednesday, July 17) disclosed:
“Because of the nature of the business we have, both the refinery and the fertilizer, we are targeting end of this year but it depends, most likely, worst case we will be able to list them before the end of first quarter of next year, so that we will sell shares and Nigerians will buy.”
The Kano-born father of three daughters started trading in Lagos in 1978, and has grown his empire into a humongous power house in Africa, listing some of his companies on the stock exchange.
Dangote Cement Plc, established in 1992, commissioned its plant in Obajana in 2007, renamed in 2010 and has now expanded to other African countries.
Its market capitalization was about N11 trillion earlier on Tuesday, July 16 (from N5.451 trillion on January 1, 2024)!
Dangote Sugar Refinery Plc, started in 1999 began operations in 2000 in Lagos. It has expanded to Adamawa, Nasarawa, Kwara and Taraba states.
Its market capitalization was around N507.74 billion on Tuesday, July 16, 2024 (from N508 billion on January 1, 2024, and N1.085 trillion on January 17).
NASCON Allied Industries Plc (producers of salt and seasonings and more), which came on stream in 1973 was acquired by Dangote Group in 2003.
Its market capitalization on Tuesday, July 16, 2024 was N94.86 billion (from N141.79 billion on January 2, 2024).
Investors have turned around their fortunes with stakes in publicly quoted Dangote Group subsidiaries. And legions are eager to join the train of the refinery and petrochemical company when it is listed.
