Dangote refinery to delay foreign stock listing for at least three years
The Dangote Petroleum Refinery will wait at least three years before seeking a foreign stock market listing. David Bird, the refinery’s CEO, says the company wants to build a strong track record in production and finances first. The refinery is focusing on a planned initial public offering in Nigeria to broaden local ownership. The move aims to give Nigerians a greater stake in the company’s growth.
TLDR
- David Bird confirmed that the refinery will prioritize a Nigerian IPO before considering a foreign listing.
- The planned October IPO in Nigeria is designed to let more Nigerians participate in the company’s growth.
- The refinery completed a $2.5bn private placement in July, valuing it at about $40bn.
- The facility became Europe’s largest supplier of jet fuel in June and July, according to Bird.
- Plans are in place to increase refining capacity from 650,000 to 1.4 million barrels per day within three years.
