Dangote Investors Gain N514bn After Refinery Begins Operations

Dangote Group investors recorded a significant gain on Tuesday after the start of operations at its Refinery.

Gatekeepers News reports that Dangote Group shares gained N514bn as investors rushed to Nigerian Exchange Limited to purchase its stocks.

Subsequently, three subsidiaries of Dangote Group listed on the NGX saw their combined market capitalisation rise by N513.69 billion on Monday, following a production announcement by the Dangote refinery.

President/Chief Executive of Dangote Group, Aliko Dangote, described it as “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects”.

The company has said its products will be in Nigeria’s oil market before the end of January once it receives regulatory approval.

“The refinery can load 2,900 trucks a day at its truck-loading gantries, and the products will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and the country’s oil regulator’s emission/effluent norms, employing state-of-the-art technology,” it explained.

Gatekeepers News reports that the Dangote refinery received six million barrels of crude oil at its two single-point moorings located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the sixth cargo was delivered on January 8, 2024.