Dangote refinery in Nigeria plans US listing in 3–4 years
Dangote refinery in Nigeria plans to list in the United States within the next three to four years. Dangote told investors in Lagos during the Fact Behind the Offer event at the Nigerian Exchange, Premium Times Nigeria reports.
Listing in the United States
According to Dangote, the company will seek to list shares outside Africa, most likely in the United States. He said that in the event of such a listing, the company, which is set to become much larger, would have 10% of total US refining capacity.
The refinery’s capacity is 700,000 barrels per day. The company expects to double it by 2030 using proceeds from the current initial public offering.
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Current share offering
The initial public offering began on Monday. Dangote noted that his goal is not so much to raise funds as to broaden the circle of the plant’s owners.
According to him, $46 billion is already in the process of being raised to expand the refinery and implement the strategic plan through 2030. He also said that dividends to local investors are planned to be paid in dollars.
During a private share placement in July, the company raised $2.5 billion. According to Dangote, due to significant demand from institutional investors and wealthy individuals, the company returned a substantial number of applications.
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