Africa’s richest person, Aliko Dangote, announced plans to list his Nigerian crude oil refinery on the stock market by the end of 2026, aiming to broaden the company’s investor base and address monopoly allegations.
Speaking at the African Export-Import Bank’s annual general meeting in Nigeria’s capital on Friday, the billionaire also revealed plans to list his group’s urea plant this year, which produces 2.8 million tonnes of the crop nutrient annually.
The oil facility processes 650,000 barrels of crude daily, making it the continent’s largest refinery. However, Nigeria’s downstream regulator and fuel marketers have accused Dangote of seeking to establish a monopoly with his new refinery.
