Following the announcement that the Dangote Refinery had started production, investors in the Dangote Group shares saw a gain of N514 billion on Tuesday.
Investors eager to buy equities from the information-sensitive Dangote Group have flocked to Nigerian Exchange Limited.
After the Dangote refinery announced a production increase, the three Dangote Group entities traded on the NGX experienced a N513.69 billion increase in their total market capitalization on Monday.
The 650,000-barrel-per-day refinery was shown in a video that had previously gone viral on social media. On Saturday, the refinery announced that it had started producing.
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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 statement answered the curiosity of Nigerians on when it will be in the market, adding that it will be in Nigeria’s oil market before the end of January once it receives regulatory approval.
It said the refinery had so far 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, it added.
“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,” the statement further explained.
