Nigeria: Dangote Refinery to Double Workforce in Expansion Push
The public offer drew billions of naira in demand within minutes as the refinery seeks retail funding for a capacity increase to 1.4 million bpd.
- The Dangote Refinery launched its 'people's IPO' on Monday, triggering overwhelming demand that caused traffic outages on fintech platforms Bamboo and Cowrywise, both approved by the Securities and Exchange Commission to facilitate the capital raise.
- To finance a major expansion from 700,000 barrels per day to 1.4 million barrels per day, the oil processing plant is seeking to raise N2.2 trillion in equity capital from retail investors.
- Edwin Devakumar, vice president of oil & gas and fertiliser at Dangote Industries Limited, told journalists in Lagos on Friday that the refinery plans to double its workforce while keeping expansion costs below the $20 billion spent on the first phase.
- Minister of Industry, Trade and Investment Jumoke Oduwole stated the listing could lift NGX market capitalisation by $60 billion, while the company reported $1.8 billion in after-tax profit on $13 billion in revenue for the six months to June.
- Beyond Lagos, the company is considering floating shares on bourses in Johannesburg and Nairobi, with a potential listing in the United States under consideration within three to four years.
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Nigeria: Dangote Refinery to Double Workforce in Expansion Push
"Well, within the refinery, the workforce will practically become double, except in the water treatment section, because there we already have substantial capacity," Edwin Devakumar, vice president, oil & gas and fertiliser at Dangote Industries Limited, told journalists at the refinery in Lagos on Friday.
Dangote Refinery to double workforce in expansion push
“Well, within the refinery, the workforce will practically become double, except in the water treatment section, because there we already have substantial capacity,” Edwin Devakumar, vice president, oil & gas and fertiliser at Dangote Industries Limited, told journalists at the refinery in Lagos on Friday.
Dangote Refinery To Double Workforce, Targets 1.4m Bpd By 2029
Dangote refinery to double workforce, targets 1.4m bpd by 2029 By Olusegun Aribike Dangote Refinery says it plans to double its workforce as it targets 1.4 million barrels per day (bpd) capacity from 700,000 bpd by 2029. Mr Devakumar Edwin, Group Vice President, Oil and Gas and Fertiliser, Dangote Industries Ltd., disclosed while taking newsmen on a tour of the News Agency of Nigeria
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