The President of Dangote Industries Limited, Aliko Dangote, has indicated the firm’s desire to reduce its stake in the refinery from 100 to 65-70 per cent. Dangote disclosed this in an interview with S&P Global commodities on Tuesday.
He said that within the next year, the refining business will list five to 10 percent of its shares on the Nigerian stock exchange, mirroring a playbook established by the group’s cement and sugar businesses.
“We don’t want to keep more than 65 per cent-70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.
To expand the refinery and develop a new petrochemical project in China, Dangote is actively considering a strategic partnership with Middle Eastern companies, the group president remarked.
“Our business concept is going to change. Now, instead of being 100 per cent Dangote-owned, we’ll have other partners,” he said.
The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, Dangote said, but not before its next phase of growth is well underway. “I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said.
