Dangote Group to List Two of Its Companies on the NGX - Umaru Kwairanga

Dr Umaru Kwairanga, the Chairman of the Nigerian Exchange Group, has announced that it is going into an agreement with the Dangote Group to list two of its companies on the exchange.

He made this statement on Tuesday during the closing-gong ceremony in honour of the Senate Committee on Capital Market and Institution's visit to the NGX headquarters in Lagos.

He said, 

• Last week, the president of Dangote assured me that the Dangote Refinery will be listed on this market very soon. He also said that apart from the refinery, he will list the fertiliser company (Dangote Fertiliser Limited). This is a commitment from the private sector.

• We have the Geregu that is listed, and some other GenCos can use the opportunity of these National Assembly members here and our regulator to ensure we bring them to the market.

• We need to have a legislative agenda that will force the NNPCL, NLNG, and PFAs to list on this market, and we assure you that we can ensure that all listings are for the benefit of the investing public.

In an interview last year, the President of Dangote Group, Aliko Dangote, revealed that plans were ongoing to list this company (Dangote Refinery) on the Nigerian Exchange Limited (NGX) soon. However, the billionaire still needs to reveal the timeline for this development.

However, from speculations arising, it is said that the refinery will be listed this year, leading to a market boost.

In his comments, the Chairman of the Senate Committee on Capital Markets & Institutions, Senator Osita Izunaso, stated that the legislative arm of the government would be advising the executive to encourage companies in the energy value chain to list on the capital market.

During the closing-gong ceremony, the Chairman of the Senate Committee on Capital Markets & Institutions, Senator Osita Izunaso, said that the government's legislative arm would advise the executive to encourage companies in the energy value chain to list on the capital market.

Izunaso said, 

• The stock exchange and the capital market are the future of our economy; they are the future of our generation and something that we must all support. We also have to encourage other companies to do the same. Those who are listed and who are still listed, like Dangote, we congratulate them.

• I will also request that other people who have yet to be listed do so. As legislators, we will advise the executive to advise the DisCos and GenCos that are not listed to come to the capital market so we can all help grow the economy.

Speaking further on this, Lamido Yuguda, the Director-General of the Securities and Exchange Commission, said that the twin policy reforms of the government—the removal of fuel subsidy and the harmonisation of the foreign exchange market segments—have significantly impacted the capital market.

He said, 

• The overall business environment is getting much brighter. Once this environment gets better, people will be able to make different financial decisions than they would have if this environment had been as gloomy as before.

About Dangote Refinery

The Dangote refinery, situated in the Lekki Free Zone near Lagos, Nigeria, is owned by Africa's richest man, Aliko Dangote. It is a $20 billion project set to make Nigeria one of the major exporters of crude oil.

The refinery is expected to refine 650,000 barrels per day. Although Dangote stated in an interview section with the Financial Times that the refinery will begin operation in December 2023 and is expected to produce 350,000 barrels daily, this is only half of the refinery's target.

The Dangote refinery, an integrated petrochemical project, aims to create 9,500 direct and 25,000 indirect jobs.

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