Aliko Dangote has announced plans to list the fertilizer and petrochemical business of the Dangote Refinery in the first quarter of 2025.
The President of Dangote Group, Aliko Dangote, made this statement in a briefing to the media at the Dangote Refinery.
Aliko Dangote also confirmed that NNPC only owns 7.2% stake in the refinery and not the 20% that was publicly stated. According to Alhaji Dangote, NNPC has only paid purchase consideration for 7.2% and was expected to pay the balance in June. However, they declined to proceed beyond the 7.2% stake.
The refinery is expected to generate up to $25 billion annually from 2025 when it is fully operational.
More to follow…