Dangote Refinery Coming to NGX
A big rain on the way - Dangote Refinery and Petrochemical is coming to the Nigerian stock exchange latest Q1 2025: “Because of the nature of the business we have, both the refinery and the fertilizer, we are targeting end of this year but it depends, most likely, worst case we will be able to list them before the end of first quarter of next year, so that we will sell shares and Nigerians will buy” - Aliko Dangote.
The latest update is that Nigeria did not pay for the 20% allocated, and now has only 7.2%. It originally planned to buy 20% with $2.75 billion, putting the post-money valuation at $13.75 billion. I posit that this refinery will likely be valued at about $20billion - $25 billion.
What happened with Naspers in Johannesburg Stock Exchange will likely happen here: one company will dominate the exchange, and fund managers will have to update their models.
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