NGX Prepares for Dangote Refinery IPO,  Doubles Efforts to Midwife African Exchanges Linkage Project

* 650,000bpd refining facility may consider dual listing in global financial centre

Ndubuisi Francis in Abuja

Chairman of the Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, has disclosed that the Exchange was getting set for the Initial Public Offering (IPO) of Dangote Refinery, which is reportedly offering three billion ordinary shares at $0.35 ​per share, with investor demand already exceeding $2 ​billion.

Kwairanga expressed NGX’s preparations for the IPO at the weekend during a visit to the Abu Dhabi Stock Exchange (ADX), United Arab Emirates (UAE) where he met with their board and management.

He said: “In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world, will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE.”