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Dangote, in a interview with the Financial Times, shared
that the refinery, set to be listed as a separate entity, is poised to make a
substantial impact on the Nigerian stock market. The NGX has actively pursued
strategies to enhance market depth through increased listings and the entry of
the refinery into the market would mark a significant milestone for the local
bourse.
He said that challenges related to crude oil supply have
been resolved, enabling the refinery to progress with its plans to go public on
the NGX. “We are now ready to move forward with our plans to list the refinery
on the Nigerian Exchange Limited,” he said.
Earlier commissioned in May, by former President Muhammed
Buhari, the refinery, reported to have a capacity of 350,000 barrels per day
(bpd), has already secured a deal with Nigerian National Petroleum Company
Limited (NNPCL) for the first cargo of
approximately six million barrels, scheduled for delivery next month. The
facility aims to produce diesel, kerosene, and jet fuel, marking a crucial step
for Nigeria to reduce its dependence on imported fuels despite being a major
oil producer.
Meanwhile at the close of trade on the local bourse on
Monday, a total of 746.66 unit of shares corresponding to a market value of
N5.94 billion were exchanged in 9,267 deals. When compared with the previous
NGX trading day, the data shows a 28 per cent improvement in volume, a 39 per
cent improvement in turnover and 35 per cent improvement in deals with the
current market capitalization at N39.04 trillion.Market sentiment was positive.
In the aggregate, 124 listed equities participated in
trading, ending with 32 gainers and 21 losers. FBN Holdings, John Holt and
Tantalizers led the gainers appreciating by 10 per cent each to close at
N22.00, N1.87 and N0.55 per share respectively. Multiverse followed closely
adding 9.98 per cent in value to close at N6.3 per share.