The Group Chairman of Nigerian Exchange Group, Umaru Kwairanga, has asked the President of the Dangote Group, Aliko Dangote, to list the Dangote Petroleum Refinery on the stock market.
He made this request during a courtesy visit to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited by capital market stakeholders.
According to a statement by the oil company, Kwairanga called for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, stating that it would represent a natural progression in the Dangote Group’s journey towards transparency, market leadership, and inclusive wealth creation.
Noting that the Nigerian capital market takes great pride in Dangote and his contributions to the economy, he commended the impact of the Dangote refinery on the Nigerian economy, stressing that the various initiatives introduced have provided much-needed relief to Nigerians.
“Through the listing of companies such as Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc, the Group has significantly deepened market liquidity, boosted investor confidence, and driven long-term value creation for shareholders,” he stated.
The chairman emphasised that the visit was more than a tour; it was a reaffirmation of the NGX’s commitment to aligning investment capital with national development goals.
Speaking, Dangote reaffirmed that the Group would soon list Dangote Fertiliser Limited on the Nigerian Exchange to revolutionise the capital market. He assured shareholders that those investing in Dangote Fertiliser Limited would not need to worry about the value of the local currency, as the company operates within a dollarised business framework.
“So, what are we aiming to do to bring about a major revolution in the capital market? 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,” he explained.
Dangote further disclosed that the company was working on expanding its fertiliser plants to boost revenue, with a target dividend payment to shareholders exceeding $3bn.
“In the next 40 months, our fertiliser business should generate $20m in revenue per day. We are pushing hard. We expect to reach over $70bn in revenue and possibly pay dividends of $3–4bn. Our philosophy is to always think big,” he said.
The billionaire businessman added that the group is also strengthening its cement business by investing in new plants and targeting clinker exports to West African countries to boost revenue and provide better dividends for shareholders.
Praising the recent progress of the NGX, Dangote stressed that Nigeria needed companies like Reliance Industries Limited, which once held its Annual General Meetings in a stadium. Such companies, he noted, would stimulate the economy and encourage wealth distribution.
Emphasising that Nigeria cannot attain its $1tn economy target without a vibrant stock exchange, Dangote affirmed his continued engagement and support for the NGX.
The Vice President of Oil & Gas at Dangote Group, Devakumar Edwin, who led the delegation on a tour of the facilities, described the construction of the 650,000-barrel-per-day refinery as a monumental achievement that demanded immense courage, vision, and determination. He noted that the Group acted as its own Engineering, Procurement, and Construction contractor for the refinery.
He also stressed that the refinery had ensured Nigeria was no longer reliant on imports to meet its petroleum needs and is now exporting refined products to various continents worldwide.
