NGX Exchange Limited is the largest stock exchange in Nigeria, and one of the largest in Africa. The market capitalization is around 60 trillion naira, which would be equivalent to approximately 37 billion dollars at the exchange rate as of October 31, 2024. NGX Exchange Limited has 152 companies as of October 31, 2024 and is owned by NGX Group Plc. Furthermore, we are likely to see new listings on NGX Exchange in 2025.
Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE)
Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE), commercially known as Dangote Refinery, is a Nigerian subsidiary of Dangote Industries Limited based in Lagos that operates the largest single-train refinery with a capacity of 650,000 barrels of oil per day. The refinery inaugurated on May 22, 2023, is expected to wean Nigeria off its dependence on fuel imports. On the other hand, Aliko Dangote himself confirmed that Dangote Refinery together with Dangote Fertilizer Limited would be listed on NGX Exchange in March 2025.
Some interesting facts are that:
- The investment in the refinery is over 19 billion US dollars.
- In September 2021, NNPC Limited proposed to acquire a 20% stake in Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE) for a value of US$2.76 billion, which was funded through a US$1.036 billion forward sale agreement from Lekki Refinery Funding Limited, of which US$1 billion was paid to Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE). As at 22 August 2024, NNPC Limited only holds a 7.25% interest in DPRP FZE due to NNPC Limited’s failure to pay the remaining balance due in June 2024.
- Recently, NNPC Gas Marketing Limited (NGML), a subsidiary of Nigerian National Petroleum Company (NNPC) Limited, has successfully executed a Gas Sales and Purchase Agreement (GSPA) with Dangote Petroleum Refinery and Petrochemicals FZE. Under the terms of the agreement, NGML will supply 100 million standard cubic feet per day (MMSCF/D), with 50MMSCF/D being a firm supply and the balance 50MMSCF/D being an interruptible supply of natural gas to the refinery for an initial period of 10 years, with options for renewal and growth.
- In addition, IPMAN and Dangote Refinery have entered into an agreement for the monthly supply of gasoline.
As an additional note, Aliko Dangote also mentioned the possibility of listing the Dangote Refinery on the London Stock Exchange.
Dangote Fertilizer Limited
Dangote Fertilizer Limited is another Nigerian subsidiary of Dangote Industries Limited. Dangote Fertilizer Limited is headquartered in Lagos and has an annual production capacity of 3 million metric tons. Fertilizers are Nigeria’s second most exported product, accounting for 1.6% of total exports in 2023. As mentioned earlier, according to Aliko Dangote, Dangote Fertilizer Limited will be listed on NGX Exchange Limited in March 2025.
Interswitch Limited
Interswitch Limited, a Lagos-based Nigerian company founded in 2002 by Mitchell Elegbe, is one of the most valuable African fintech companies in the world. It is also the largest payment processing service provider in Nigeria. Interswitch has several subsidiaries such as:
- Verve International Limited, a wholly-owned Mauritius-based company.
- M-Kudi Limited, a wholly-owned Nigerian subsidiary.
- VCS Limited, a Nigerian subsidiary with a 99.99% stake.
- Interswitch East Africa Limited, a Uganda-based subsidiary with a 60% stake.
- Interswitch Financial Inclusion Services (IFIS) Limited, a Nigerian subsidiary established in 2015, with an 82.46% stake, and operating as Quickteller Paypoint.
- VANSO, a wholly-owned Nigerian subsidiary, which in turn owns another wholly-owned German subsidiary called VANSO Gmbh.
- SmartGov Limited, a wholly-owned Nigerian subsidiary, which has a 47.5% stake in a company called SmartGov Limited.
- Paynet Holdings Limited, an 85% subsidiary based in Mauritius, of which this company has subsidiaries such as:
- Interswitch East Africa Limited, a wholly-owned Kenyan subsidiary.
- Paynet, a wholly-owned Kenyan subsidiary.
- Electronic Financial Tech Limited, a wholly-owned Kenyan subsidiary.
- It also has a 40% stake in Pesatransatact Limited, a Kenyan company.
In addition, Interswitch Limited also has interests in Gamswitch Company Limited, a company created primarily by the central bank of Gambia and private investors in which Interswitch is included. Interswitch has a 20% stake.
In December 2010, a group of investors led by Helios Investment Partners agreed to acquire a majority stake in the capital of Interswitch Limited. In March 2017, TA Associates acquired a minority stake in Interswitch. And in 2019, Visa, Inc. acquired a significant minority stake for US$200 million.
In an exclusive interview with Bloomberg, Interswitch Limited Founder and CEO Mitchell Elegbe, while not explicitly confirming it, has not ruled out listing the company on NGX Exchange. It should be noted that there has been speculation for years about listing Interswitch on both NGX Exchange and the London Stock Exchange.
Veritasi Homes & Properties Plc.
Veritasi Homes & Properties Plc. is a Nigerian real estate company based in Ikoyi, Lagos. This Adetola Nola-led company has several projects such as ITUNU CITY and ITUNU Residential.
Nola Adetola has already confirmed the company’s intention to list on both the NGX Exchange and the New York Stock Exchange.
Tekedia Capital LLC
Tekedia Capital LLC is an American investment firm headquartered at 30 N Gould St Ste R, Sheridan, WY 82801, United States. This firm is primarily engaged in investing in companies with operations on the African continent, regardless of whether or not they are legally domiciled in any African country. Tekedia has invested in companies such as Egoras Tecnologies Limited, a Nigerian company based in Port Harcourt that is engaged in electric vehicle production, generator production, television assembly, cryptocurrency exchange, blockchain development, etc.
Some time ago, Tekedia’s Chairman Ndubuisi Ekekwe stated on his blog that he intended for Tekedia Capital to be listed on the NGX Exchange, NASDAQ or the New York Stock Exchange in the future.
On the other hand, according to foreign media, Ibom Air, a state-owned airline based in Uyo, is planning to go public. Although, according to an article published by ch-aviation, it is specified that Ibom Air is not yet ready to go public in 2025, but later.
