11 April 2017, Sweetcrude, Lagos – Dangote Oil Refining Company Limited will be listed on the Nigerian Stock Exchange, according to Aliko Dangote, Africa’s richest man and president/chief executive officer of the Dangote Group of companies.
Making this known in Lagos while speaking with journalists, Dangote stated that when completed in 2019, the refinery would enhance local refining of the nation’s crude oil, and save the country a lot of money currently being spent on the shipment of crude oil and petroleum products.
He said: “Refining business is not a business that you make 50 per cent margin from; the margin is low but what you depend on is the volume of business that you have there, and that is the reason why we are building a 650,000-barrels-per-day refinery. It is a very large one”.
Talking about distribution of products from the refinery, Dangote noted that there would be consistency in supply to filling stations across the country with increased job creation.
“When you travel around, you see that, especially in the northern part, more than 50 per cent of the filling stations are not operational,” he said.
With four of his companies already listed on the NSE, Dangote said, “We will list every single company that we create between now and the end of my life. But the companies will continue obviously.
“We pray that very soon, we will start having our AGMs in stadiums and not in hotels. And that means that we will create something like about two to three million shareholders and I am sure everybody will be happy.”
He added, “What we are building today is more than 100 times bigger than where we are. That is the trajectory that we are seeing in the next 10 years.
“We will take charge of diversifying the economy of Nigeria, most especially working with the government as partners to make sure that we diversify the economy and to spread prosperity to Nigerians. I think I have to continue now to dedicate the rest of my life to making sure that the prosperity is spread all over.”
According to Dangote, the Nigerian stock market is expected to be as big as its South African counterpart in the next five years.
He said the new initiatives of Dangote Group in the agricultural sector would have a major impact on the economy.
According to him, the group’s plan for the next three years “is to have 1.2 million tonnes of sugar, which we are importing now; taking out foreign exchange is not going to happen any more in the next three and half years.”
According to him, the group has the capacity to produce over one million tonnes of rice, which will be ready within one year.