Former Central Bank of Nigeria governor and Emir of Kano, Muhammad Sanusi II, has weighed into the debate over whether the Dangote Petroleum Refinery enjoys a monopoly in Nigeria's refining industry.
Speaking during a Dangote Refinery IPO roadshow in Kano, Sanusi argued that a legal monopoly exists only where the law protects a company from competition.
He challenged other wealthy Nigerians interested in entering the refining industry to raise the capital required and build competing refineries.
The comments come as Dangote Refinery is conducting a major public offering designed to allow Nigerians to acquire shares in the company.
Reuters reports that the refinery is offering 4.1 billion shares in an IPO targeting about ₦2.15 trillion ($1.6 billion). The refinery, which has a capacity of 700,000 barrels per day, is valued at about ₦63 trillion, according to Reuters.
The public offering has been promoted as a way of allowing ordinary Nigerians to participate in ownership of one of Africa’s largest industrial projects.
Comments
Post a Comment