Africas richest man and president of Dangote Group, Aliko Dangote, said he plans to list between five and 10 percent of the Dangote Refinery on the Nigerian Exchange within the next year. The move is aimed at attracting investors and strengthening the companys capital base.
In an interview with S P Global, Dangote said the listing is part of a broader strategy to widen investor participation and align the refinery with international corporate governance standards. The billionaire said the plan mirrors approaches taken with Dangote Cement Plc and Dangote Sugar Refinery Plc, which are already publicly traded.
We dont want to keep more than 65 to 70 percent. Shares will be offered gradually, depending on investor appetite and market depth, he said.