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Aliko Dangote told an investors meeting at the Nairobi Securities Exchange on Tuesday, Sept. 29 that he hopes to list Dangote Fertiliser next year, a year earlier than the timetable he gave a week ago.
"Sometime next year we hope to list it. Let it be owned by the people," he said.
He had said something different on Sept. 21. Asked at the Qatar Economic Forum when the fertiliser business would go public, Dangote replied that it would be 2028, and that the company would be the biggest fertiliser producer on earth.
Neither he nor the group has explained the change.
The build-out has not moved with it. Dangote said the fertiliser company plans six production lines with delivery expected between late 2028 and early 2029, reaching 12 million tonnes a year. That means investors buying at a 2027 listing would be paying for capacity that arrives a year or more after they hand over their money.
The plant Dangote Fertiliser runs today is a $2.5 billion urea complex at Ibeju-Lekki in Lagos producing about three million tonnes a year. Getting to 12 million requires expansion in Nigeria and a proposed plant in Ethiopia, and Dangote has said the company aims to overtake Qatar as the world's largest urea exporter.
The phrase he used in Nairobi is the same one attached to the refinery. Dangote Petroleum Refinery's share sale in Lagos has been marketed as an IPO of the people, targeting 10 million shareholders, and the private placement drew $3.7 billion of demand against a $2.5 billion target, with $1.2 billion refunded.
He also told the Nairobi meeting that the group has opened a new shipping unit.
Dangote was speaking a day before breaking ground on a 700,000 barrel-a-day refinery at Lamu on Kenya's coast, and he used the same visit to pledge a Nairobi listing for that project.
Three Dangote companies already trade in Lagos: Dangote Cement, Dangote Sugar Refinery and the salt and seasoning maker NASCON. The refinery and the fertiliser business would take that to five.
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