Faith Nyasuguta
Aliko Dangote has announced plans to list the fertilizer and petrochemical divisions of the Dangote Refinery on the stock exchange in the first quarter of 2025. This decision, revealed during a media briefing at the Dangote Refinery, aims to expand the conglomerate’s investor base and unlock additional value for shareholders.
Speaking at the event, Dangote said, “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 the first quarter of next year, so that we will sell shares and Nigerians will buy.”
This announcement comes shortly after the Dangote oil refinery reported a significant increase in gasoil exports to West Africa, challenging European refiners’ market share.
According to traders and shipping data, gasoil exports from the Dangote refinery surged to nearly 100,000 barrels per day (bpd) in May, almost double the figures from April. Most of these exports were directed to other West African countries, with one cargo sent to Spain.
However, preliminary data for June indicates a sharp decline in gasoil volumes. Despite this, overall oil product exports, including fuel oil, naphtha, and jet fuel, remained high at 225,000 bpd. “The refinery has altered the balances in West Africa,” commented a European distillates trading source, noting the impact on European markets.
Kpler data showed that EU and UK gasoil exports to West Africa fell to a four-year low of 29,000 bpd in May, while Russian exports to the region dropped to an eight-month low of 87,000 bpd.
Last year, in an interview with the Financial Times, Aliko Dangote announced the intention to publicly list his Dangote Petroleum Refinery on the Nigerian Exchange Limited. Earlier in May, he revealed plans for a dual listing on both the London and Lagos stock exchanges.
Devakumar Edwin, the Dangote refinery executive, told Reuters that the Nigerian Stock Exchange alone would not be able to handle the refinery exclusively, hence the need for the London listing.
In February, Umaru Kwairanga, Chairman of the Nigerian Exchange Group, also confirmed that Dangote Industries plans to list its refinery and fertilizer companies. The refinery, recently ranked above Europe’s 10 largest refining facilities, has a processing capacity of 650,000 barrels per day and is valued at $20.5 billion.
Earlier this year, Dangote Cement, a subsidiary of Dangote Industries Limited, surpassed the N10 trillion market cap, becoming the first Nigerian company to achieve this milestone.
This strategic move to list the fertilizer and petrochemical divisions is expected to attract significant investment and enhance the financial stability of Dangote Industries, further cementing its position as a leader in the African industrial sector.
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