President and Chief Executive of Dangote Group, Aliko Dangote, has announced plans to list Dangote Fertiliser Limited on the Nigerian Exchange (NGX), saying the move will revolutionise the country’s capital market.
Speaking during a courtesy visit by the Chairman of the Nigerian Exchange Group, Alhaji (Dr.) Umaru Kwairanga, and other capital market stakeholders to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, Dangote assured that investors in the fertiliser company would not have to worry about the naira’s value depreciation.
“What are we aiming to do to bring about a major revolution in the capital market?” Dangote asked. “The main challenge is that many investors are hesitant, thinking, ‘If I invest my naira now, by the time I receive dividends in ten years, the naira will have lost value.’ However, we are entering the market with a dollarised business model.”
Dangote said the company is expanding its fertiliser operations to boost daily revenue and maximise shareholder returns.
“In the next 40 months, our fertiliser business should generate $20 million in revenue per day,” he said. “We are pushing hard. We expect to reach over $70 billion in revenue and possibly pay dividends of $3–4 billion. Our philosophy is to always think big.”
He added that the Group was also strengthening its cement operations and targeting exports of clinker to West African countries, saying: “These are part of our strategies to generate more foreign exchange and provide better returns to shareholders.”
Dangote emphasised the importance of a strong stock exchange to Nigeria’s economic ambitions, referencing India’s corporate landscape.
“We need companies like Reliance Industries that once held their AGM in a stadium. These are the types of businesses that stimulate the economy and spread wealth,” he noted.
Vice President of Oil & Gas at Dangote Group, Edwin Devakumar, who led the stakeholders on a tour of the facilities, described the 650,000-barrel-per-day Dangote Refinery as a feat of unprecedented scale.
“This refinery is a monumental achievement. We acted as our own EPC contractor, which has never been done at this scale. It demanded courage, vision, and determination,” Devakumar said.
He noted that the facility has already ended Nigeria’s dependency on imported petroleum and is now exporting refined products globally.
In his remarks, NGX Group Chairman, Alhaji Umaru Kwairanga, hailed Dangote as a titan of the private sector and champion of capital market development.
“We are proud of Alhaji Aliko Dangote. His vision and commitment to Nigeria’s economic transformation are unmatched,” Kwairanga said.
Calling for the listing of Dangote Fertiliser and Dangote Petroleum Refinery on the NGX, he said: “This would be a natural progression in the Group’s journey toward transparency, market leadership, and inclusive wealth creation.”
Kwairanga recalled Dangote’s time as President of the Council of the Nigerian Stock Exchange, crediting him with deepening market liquidity and investor confidence through the listing of companies like Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc.
“This visit is more than a tour,” he said. “It is a reaffirmation of our commitment to align investment capital with national development goals.”
Also in attendance were NGX CEO Temi Popoola; CEO of Central Securities Clearing System (CSCS) Haruna Jalo-Waziri; CIS President Oluropo Dada; ASHON Chairman Sam Onukwe; NGX Regulation CEO Olufemi Shobanjo; CEO of the Lagos Commodity Exchange Akeredolu Ali; and other major stakeholders.
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