A prominent African business leader discusses succession planning with his daughters.
Africa’s largest refinery, the Dangote Refinery, is set to list on the Nigerian Exchange Limited within the next five months, opening up ownership to local and foreign investors alike. The listing will put shares currently held by the Nigerian National Petroleum Company Limited, an early investor in the project, up for sale. Currently, the refinery, which has been in operation for just over a year, is being expanded from its 650,000 barrels per day capacity to 1.4 million. The planned listing comes as Nigeria’s stock market enjoys renewed momentum, with rising valuations and investor optimism boosting confidence in one of Africa’s most active exchanges. For investors, the listing provides a rare opportunity to own a piece of Africa’s largest refinery. For Dangote, the listing represents the next chapter of the company’s plan to build a $100 billion empire.
Ecofin Agency