Africa’s richest man, Aliko Dangote, plans to list his $20 billion oil refinery on the Nigerian Stock Exchange by the end of next year, aiming to broaden investor participation and dispel monopoly accusations. The massive facility, which processes 650,000 barrels of crude per day, has begun producing aviation fuel, diesel, gasoline, and naphtha. Dangote also intends to list his urea plant this year, targeting a global leadership position in fertilizer exports. The move comes amid criticism from regulators and marketers who fear the refinery could dominate Nigeria’s fuel market. By opening up equity to public investors, including pension funds, Dangote hopes to reinforce transparency and shared ownership as the group targets $30 billion in revenue by 2026.
Bloomberg
