Shareholders Ask Dangote To Reciprocate Naira-For-Crude By Listing Refinery In NGX
Following the recommencement of the naira-for-crude initiative of the federal authorities for Dangote Refinery, shareholders have referred to as at the control of the refinery to reciprocate the authorities ’s gesture via way of means of list at the Nigerian Exchange (NGX).
The shareholders recounseled President Bola Ahmed Tinubu and the Federal Executive Council (FEC) for the continuation and group of the naira-for crude coverage as a countrywide coverage .
Daily Trust reviews that the federal authorities ultimate week reinstated the naira-for-crude coverage after the expiration of the preliminary six-month trial phase.
Under the coverage , the Nigerian National Petroleum Company Limited (NNPCL) will promote crude oil to nearby refineries in naira, the usage of Dangote Petroleum Refinery because the pilot, even as the refineries are to promote their merchandise to the home marketplace withinside the equal countrywide currency.
However, shareholders beneathneath the aegis of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS) stated the continuation of the naira-for crude coverage became a in addition indication that the Tinubu-led reforms had been grounded in countrywide priorities and development.
AARNS President, Dr Faruk Umar, stated steps taken to this point via way of means of the authorities have proven that the financial reforms had been properly concept out, sustainable and inclusive.
He stated the continuation of naira-for-crude could now no longer simplest make certain balance withinside the retail top rate motor spirit or petrol marketplace , however additionally offer Nigerians with the possibility to broaden its nearby refining marketplace .
He referred to as on Dangote Group, the primary and instantaneously beneficiary of the coverage , to reciprocate the authorities ’s gesture via way of means of list its Dangote Petroleum Refinery at the inventory exchange.
Our correspondent reviews that the NGX Group Chairman, Alhaji Dr Umaru Kwairanga, lately hinted that Dangote Refinery could be indexed at the Nigerian bourse via way of means of the quit of 2025.
The AARNS additionally stated such list , like different contributors of Dangote Group, will open up the blessings from the petroleum refinery value-chain to the generality of Nigerians, developing a feel of inclusiveness and not unusualplace purpose.
It defined that Dangote Refinery may also discover diverse alternatives of list , such as list via way of means of introduction, provide for sale, and preliminary public offering (IPO), amongst others, mentioning the list of foremost oil and fueloline organizations inclusive of Seplat Energy and Aradel Plc.
“Alhaji Aliko Dangote need to reciprocate this supportive authorities coverage . Dangote isn’t anyt any doubt a chum of the investors. We shareholders recognize him. We name on him to listing the Dangote Refinery at the inventory exchange, too. This is the time to do it, and we’re certain that Dangote Cement, Dangote Sugar Refinery and NASCON, Dangote Petroleum Refinery may also be a massive fulfillment withinside the inventory marketplace .
“The inventory marketplace has a pass- thru impact that immediately and in a roundabout way transfers financial wealth advent to the overall populace. That explains why organizations that play critical financial roles and are beneficiaries of countrywide rules need to don’t forget list as a priority,” Dr Umar stated .
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