• Dangote reaches agreement to construct 12 new projects, extending to other Africa countries.
As the Dangote Refinery prepares for its landmark listing on the main board of the Nigerian Exchange Limited (NGX), indications emerged yesterday that Stanbic IBTC Capital, a leading investment bank in Nigeria and a member of the Standard Bank Group, alongside First Capital and Vetiva Capital Management, are to serve as advisory firms.
The much-awaited listing on the NGX is expected to position the refinery to unlock significant domestic and foreign investor interest while reshaping the depth and valuation dynamics of the NGX.
President of the Dangote Group, Alhaji Aliko Dangote, last week disclosed that the shares of Dangote Refinery would be listed on the NGX within the next four to five months.
Dangote made this known during a tour of the refinery by the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, and other top executives of the state-owned oil firm.
Dangote had unveiled a landmark plan to list a 10 percent stake in his $20 billion refinery on the NGX this year.
He further announced that the company is currently in discussions with market regulators to facilitate future dividend payouts in US dollars, offering a hedge against the persistent challenges posed by currency volatility.
Dangote highlighted that his team was collaborating closely with both the NGX and the Securities and Exchange Commission (SEC) to finalise the structure for the proposed initial public offering (IPO).
Commenting on the names of advisory firms in the Dangote Refinery listing on NGX, the Chief Operating Officer of Investdata Consulting Ltd. Mr. Ambrose Omordion stated that the three firms over the years have played a critical role in major listing the Exchange.
He added that these firms have the capability in playing an advisory in ensuring that the listing on NGX becomes a reality.
Meanwhile, Dangote Cement Plc, a subsidiary of Dangote Industries Limited, has signed a landmark agreement with a Chinese company- Sinoma International Engineering, for the construction of 12 new projects and expansion of others across Africa.
The landmark agreement sealed in Lagos at the weekend, with an estimated investment of over $1 billion, reinforces the company’s long-term growth strategy and aligns with the broader aspirations of the Dangote Group’s Vision 2030, a statement by Dangote Group said.
While speaking at the signing ceremony, Dangote, described the new projects as part of carefully designed critical enablers of Dangote Cement’s ambition to achieve 80 million tonnes per annum (MTPA) production capacity by 2030, while supporting the Group’s overarching target of generating $100 billion in revenue within the same period.
He said that the projects will strengthen Dangote Cement’s domestic market dominance, drive its export activities, optimise existing operational assets as well as enhancing production efficiency and capacity expansion.
Under the Strategic Framework Agreement, Sinoma International Engineering will collaborate with Dangote Cement on the delivery of new plants, brownfield expansions, and modernisation initiatives aimed at strengthening operational performance across key markets.
The new projects include a new integrated line in Northern Nigeria with satellite grinding units, new line in Ethiopia and other projects in Zambia/Zimbabwe, Tanzania, Sierra Leone and Cameroun.
In Nigeria, the company said Sinoma would also handle different projects in Itori, Apapa, Lekki, Port Harcourt and Onne.
The projects signal Dangote Cement’s sustained commitment to consolidating its leadership position within the African cement industry, while enhancing its competitiveness on the global stage.
During the signing ceremony, Chairman, Board of Directors, Dangote Cement Plc, Emmanuel Ikazoboh, explained that the new projects will enable the company to play a critical role in actualising Dangote Group’s Vision 2030.
According to him, the new projects, when completed, will increase Dangote Cement’s capacity, and dominant position in Africa’s cement industry.
The Group Managing Director of Dangote Cement, Mr. Arvind Pathak, said the agreement reflects the company’s determination to grow its investments across African markets to close supply gaps and support the continent’s infrastructural ambitions.
According to him, Dangote Cement was committed to making Africa fully self sufficient in cement production, creating more values and linkages leading to increased economic activities and reduction in unemployment.
Recently, Dangote Cement scaled up its Gas Sales and Purchase Agreements (GSPA) with subsidiaries of the Nigerian National Petroleum Company Limited (NNPC): Nigerian Gas Marketing Limited and NNPC Gas Infrastructure Company Limited (NGIC).
The agreement signing serves as an enabler of Dangote Cement ’s strategic objectives.
The agreement guarantees the gas required to support the drive towards compressed natural gas (CNG) adoption as Autogas and to meet the increasing gas demand as production capacities in Nigeria are expanded.
It also promotes the adoption of cleaner fuel for both Autogas through CNG and gas to support increased production output.
Dangote Cement currently operates in multiple African countries, with integrated plants, grinding facilities, and distribution hubs strategically located to serve diverse markets.
The company’s ongoing projects include plant upgrades, capacity expansions, and the introduction of advanced energy efficient technologies designed to reduce operational costs and carbon footprint.
