Dangote industries to list refinery and fertilizer companies, confirms NGX Group char

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Two companies within the Dangote Industries Group are set to be listed on the exchange shortly, according to Umaru Kwairanga, Chairman of the Nigerian Exchange Group.

  • Companies in the energy value chain have been urged to list on the capital market.
  • Aliko Dangote previously announced the intention to publicly list his Dangote Petroleum Refinery on the Nigerian Exchange Limited.
  • Dangote Cement, a subsidiary of Dangote Industries Limited, surpassed the N10 trillion market cap last year, becoming the first Nigerian company to achieve this milestone.

This disclosure came during a closing-gong ceremony held at the NGX headquarters in Lagos to honour the visit of the Senate Committee on Capital Market and Institutions, Punch reported.

What the chairman said:

“As of last week, the president of Dangote assured me that the Dangote Refinery is going to be listed on this market very soon. He also said that apart from the refinery, he is going to list the fertiliser company (Dangote Fertiliser Limited). This is a commitment from the private sector,”

“We have the Geregu that is listed and we believe that there are other GenCos that can use the opportunity of these National Assembly members here and our regulator to make sure we bring them to the market,” Kwairanga said.

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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.

“We have resolved all the issues with crude oil supply,” Dangote stated. “We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited,” he said then.

Early 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.

According to Kwairanga, there is a need to establish a legislative agenda compelling the NNPCL, NLNG, and PFAs to list on the market, assuring that there is the capacity to ensure that all listings bring benefits to the investing public.

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Similarly, the Chairman of the Senate Committee on Capital Markets & Institutions, Senator Osita Izunaso, stated that the legislative arm of the government would be advising the executive to encourage companies in the energy value chain to list on the capital market.

“The stock exchange and the capital market are the future of our economy, it is the future of our generation and it is something that we must all support. We also have to encourage other companies to do so. Those that are listed and that are still listed like Dangote, we congratulate them,” Izunaso said.

He encouraged the executive to advise the DisCos and GenCos that are not currently listed to consider joining the capital market, fostering collective efforts to boost economic growth.

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