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Africa’s richest man Aliko Dangote’s refinery seeks dual listing in Nigeria, London

The choice to pursue a dual listing on both exchanges reflects considerations arising from the NGX’s current limitations in accommodating the scale of the refinery.

Aliko Dangote
Aliko Dangote

Table of Contents


Key Points:


  • Dangote’s giant oil refinery seeks additional exchange due to limitations on the Nigerian Exchange.
  • Current NGX system deemed inadequate for handling the scale of the refinery’s offering.
  • Listing elsewhere expands access to global investors.

The Dangote Oil Refinery, owned by Africa’s wealthiest billionaire Aliko Dangote, is planning a dual listing on the London Stock Exchange (LSE) and the Nigerian Exchange (NGX). The move underscores the refinery’s scale and potential to propel Nigeria’s industrial development.

Dangote Oil Refinery eyes dual listing on LSE, NGX

Dangote Group Chairman Aliko Dangote said earlier this week the petrochemical complex aims for an NGX listing by year-end. This is supported by Devakumar Edwin, Executive Director of Dangote Group.

“We would have to take it to the LSE but also to the NGX,” Edwin said. Subsidiaries of Dangote Group; Dangote Cement, Dangote Flour Mills, and Dangote Sugar, are all listed on the Nigerian bourse.

The choice to pursue a dual listing on both exchanges reflects considerations arising from the NGX’s current infrastructure limitations in accommodating the scale of the refinery.

Dangote Petrochemical Complex: A boon for Nigerian industry

Located on the outskirts of Lagos, the Dangote Petrochemical Complex marks a significant leap for Nigerian industrial development.  The facility boasts not only a world-class refinery, but also a polypropylene plant churning out 1 million metric tonnes annually and two of the biggest fertilizer trains in existence, with a combined capacity of 3 million tonnes of urea per year.

Sustainability is a core focus for the refinery. It boasts a closed-loop process water system, generating 50MW of clean power through waste heat recovery. The plant produces cleaner Euro-V standard fuels, and leverages advanced carbon capture technology to minimize CO2 emissions. Additionally, it mitigates the environmental impact of transporting crude oil by sea, though the specific methods employed are not disclosed.

Aliko Dangote’s refinery to export fuel across Africa, possibly reaching Brazil

Boasting the world’s largest single-train capacity (650,000 barrels per day), The $20.5-billion refinery aims to become a major exporter of refined products across Africa, with a potential reach as far as Brazil.

In a recent update on the refinery’s production capabilities, Dangote announced that by June, the facility would begin producing diesel and gasoline. The refinery also plans to procure 24 million barrels of crude oil from the United States over the next year, underscoring its global operational scale.

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