Aliko Dangote, Africa’s richest individual, plans a inventory itemizing for his Nigerian crude oil refinery by the top of subsequent 12 months to widen the corporate’s investor base.
The billionaire additionally plans this 12 months to listing the group’s urea plant, which has a capability to provide 2.8 million tons of the crop nutrient every year, Dangote informed the African Export-Import Financial institution’s annual normal assembly in Nigeria’s capital, Abuja, on Friday.
The oil facility can processes 650,000 barrels of crude a day, making it the continent’s greatest refinery.
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Nigeria’s downstream regulator and gasoline entrepreneurs have accused Dangote of in search of to grow to be a monopoly together with his new refinery.
An inventory — by means of an preliminary public providing — may assist woo traders together with state-owned pension funds.
The $20 billion Dangote Refinery outdoors the business hub Lagos, which turned operational final 12 months, at the moment produces aviation gasoline, naphtha, diesel and gasoline.
Monopoly Accusation
It’s “necessary to listing the refinery so that individuals won’t be calling us a monopoly,” Dangote stated. “They are going to now say we have now shares, so let all people have part of it.”
The tycoon, who had deliberate to begin development of a 5,000 ton metal plant after finishing the refinery, final 12 months scrapped the proposal due to the allegations.
Dangote earlier this 12 months stated his group is on monitor to generate whole income of $30 billion in 2026. On Friday, he stated that the corporate plans to surpass Qatar because the world’s greatest exporter of urea inside 4 years.
The power at the moment exports 37% of its output to the US.
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