—– Listing of Dangote Fertilizer will revolutionise Capital Market — Dangote.
The Group Chairman of Nigerian Exchange Group ( NGX ), Alhaji Umaru Kwairanga has praised the President/ Chief Executive, Dangote Group, Aliko Dangote for his substantial contributions to the Nigerian capital market and private sector development.
He gave the praise during a courtesy visit to the Dangote Petroleum Refinery and Petrochemicals and Dangote Fertilizer Limited by Capital market stakeholders. Kwairanga, who called for the listing of Dangote Petroleum Refinery and Dangote Fertilizer on the NGX, stated that it would represent a national 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 Petroleum Refinery on the Nigerian economy, stressing that the various initiatives introduced have provided much needed relief to Nigerians.
Kwairanga recalled Dangote’s tenure as President of the Council of the Nigerian Stock Exchange, describing him as a visionary whose leadership shaped the capital market landscape through the listing of Companies such as Dangote Cement Plc, Dangote Sugar Refinery Plc, NASCO Allied Industries Plc, the Group has significantly deepened market liquidity, boosted investor.
The Chairman emphasised that the visit was more just a tour, it was a reaffirmation of the NGX’s commitment to aligning investment capital with national development goals.
The President/ Chief Executive of the Dangote Group, Aliko Dangote, reaffirmed that the Group will soon list the Dangote Fertilizer Limited on the Nigerian Stock Exchange with the aim of revolutionising the capital market.
He assured stakeholders that those investing in Dangote Fertilizer 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 investing in naira now, by the time I receive dividends in ten years, the naira would have lost value; However we are entering the market with a dollarised business model”, he explained.
Dangote further disclosed that the company is working to expanding its fertilizer plants to boost revenue, with a target dividend payment to shareholders exceeding $3 million.
“In the next 40 months, our Fertilizer business should generate $20 million in revenue per day. We are pushing hard. We expect to reach over $70 billion in revenue and possibly pay dividend of $ 3 – 4 billion. Our philosophy is to always think big he said.
He added that the Group is also strengthening its Cement business by investing in new plants and targeting clinker export to West African Countries, which will boost revenue and provides better dividends for shareholders.
Praising the recent progress of the NGX, Dangote stressed that Nigeria needs companies like Reliance Industries Limited, which once held its Annual General Meetings in a stadium. Such companies, he noted, will stimulate the economy and encourage wealth distribution.
Emphasising that Nigeria can not attain its $1 trillion economy target without a vibrant stock exchange, Dangote affirmed his continued support for the NGX, acknowledging its crucial role.
The Vice President of Oil and Gas at Dangote Group, Edwin Devakumar, 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 as its own Engineering Procurement, and Construction ( EPC ) Contractor for the refinery a feat never attempted at this scale.
He also stressed that the refinery has ensured Nigeria is no longer reliant on imports to meet its petroleum needs and is now exporting refined products to various Continents Worldwide..
Also present were the CEO of NGX, Temitope Popoola; MD/CEO of Centre Security Clearing System ( CSCS ), Haruna Jalo – Waziri; CIS President, Oluropo Dada, ASHAN Chairman, Sam Onukwe; CEO NGX Regulation, Olufemi Shobanjo; CEO Lagos Commodity Exchange, Akeredolu Ali; and other major stakeholders.
