Indications surfaced yesterday that Stanbic IBTC Capital, a prominent investment bank in Nigeria and a member of the Standard Bank Group, along with First Capital and Vetiva Capital Management, will act as advisory firms for the Dangote Refinery as it gets ready for its historic listing on the main board of the Nigerian Exchange Limited (NGX).
The refinery's eagerly anticipated NGX listing is anticipated to change the depth and valuation dynamics of the NGX while positioning it to attract substantial interest from both domestic and global investors.
Alhaji Aliko Dangote, the president of the Dangote Group, revealed last week that Dangote Refinery's shares would be floated on the NGX in the upcoming four to five months.
This was disclosed by Dangote when Bayo Ojulari, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), and other senior officials of the state-owned oil company toured the refinery. This year, Dangote announced a historic proposal to float a 10% share in his $20 billion refinery on the NGX.
He added that in order to provide a hedge against the ongoing difficulties caused by currency volatility, the company is currently in talks with market regulators to enable future dividend payouts in US dollars. In order to finalize the structure for the proposed initial public offering (IPO), Dangote emphasized that his team was working closely with the Securities and Exchange Commission (SEC) and the NGX.
Remarking on advisory firms' names
The Chief Operating Officer of Investdata Consulting Ltd. commented on the names of advisory firms included on NGX in the Dangote Refinery listing.
According to Mr. Ambrose Omordion, the three companies have been instrumental in the Exchange's significant listing over the years. He went on to say that these companies may serve as advisors to help make the NGX listing a reality.
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