Dangote refinery is aiming for a dual listing on the London and Lagos bourses, a senior executive said on Tuesday.

Aliko Dangote had earlier told the media that he could try to list the company in Nigeria by the end of the year.

Asked by Reuters to comment on Dangote’s statement, Devakumar Edwin, Dangote refinery executive, told Reuters: “We have listed all our businesses. The NSE (Nigerian Stock Exchange) will not have adequate depth to handle exclusively the petroleum refinery. We would have to take it to LSE (London Stock Exchange) but also list in NSE.”

The refinery, Africa’s largest, built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion, was completed after several years of delay.

It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this year or next.

Dangote has been trying to secure crude supplies for his refinery. He has interests in Dangote Cement,Dangote Flour Mills and Dangote Sugar, all listed on the Nigerian bourse.


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