ALHAJI Aliko Dangote plans to float his conglomerate on the London Stock Exchange (LSE) next year as part of a programme to increase its liquidity and attract international institutional investors.
Valued at $14.7bn, Alhaji Dangote is Africa’s richest man and his Dangote Group strides the continent with interests in sugar, cement, food, oil and gas. In the most recent Forbes Magazine published list of the wealthiest people on the planet, Alhaji Dangote was ranked as the world's 67th richest man.
In the list published in March, Alhaji Dangote's business was said to have suffered from the effects of the devaluation of the naira. Despite this setback, he plans to list his Dangote Group on the LSE by the end of 2016.
Alhaji Dangote said: “I think we will list in London and what we are trying to do between now and maybe the next six to 10 months is actually trying to address all the governance issues. I think we will be ready to list sometimes towards the end of 2016 at the latest, which means anytime between the beginning and the end of 2016."
Last year, Seplat Petroleum Development Company, an indigenous Nigerian oil and gas company, joined the list of Nigerian companies listed on the LSE. Addressing the impact of falling global oil prices on the Nigerian economy, Alhaji Dangote said the country could do well with crude selling for $60 per barrel.
Alhaji Dangote said: “Oil at $60, if Nigeria is doing what is right, actually will do well. We don’t need oil at $110 because it is not really a realistic price, so to speak.”
On the incoming administration of the president-elect, General Muhammadu Buhari, he said he believes that there are quite a lot of challenges for the incoming government because the expectations are extremely high. However, he added that they are deliverable, so the government will have to be very focused and target mainly the key issues.
Last year, Alhaji Dangote was named as the Forbes Africa Person of the Year in recognition of his contributions towards developing commerce and his humanitarian activities across the continent. He was also adjudged to be second to none when it comes to investing in Africa, not just Nigeria and was also considered a capitalist with a big heart.
