The Group Chairman of Nigerian Exchange Group (NGX Group), Umaru Kwairanga, has praised the President/Chief Executive of Dangote Group, Aliko Dangote, for his substantial contributions to Nigeria’s capital market and private sector development.
He made this remark during a courtesy visit by capital market stakeholders to the Dangote Petroleum Refinery and Petrochemicals, as well as Dangote Fertiliser Limited.
Kwairanga, who called for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, stated that such a move would represent a natural progression in the Dangote Group’s journey towards transparency, market leadership, and inclusive wealth creation.
He noted that the Nigerian capital market takes great pride in Dangote and his contributions to the national economy. He also commended the impact of the Dangote Petroleum Refinery, stressing that its various initiatives 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 helped shape the capital market landscape.
“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 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 would soon list Dangote Fertiliser Limited on the Nigerian Exchange (NGX), to revolutionise the capital market.
He assured shareholders that investors in Dangote Fertiliser Limited would not need to worry about the depreciation 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 is expanding its fertiliser plants to boost revenue, with a target dividend payment to shareholders exceeding $3 billion.
“In the next 40 months, our fertiliser 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 dividends 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 exports to West African countries, which will boost revenue and provide 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, would stimulate the economy and encourage wealth distribution.
Emphasising that Nigeria cannot attain its $1 trillion economy target without a vibrant stock exchange, Dangote affirmed his continued engagement and support for NGX, acknowledging its crucial role.
The Vice President of Oil & 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 acted as its own Engineering, Procurement, and Construction (EPC) contractor for the refinery—a feat never before attempted at such scale.
He also noted 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, Temi Popoola; Managing Director/CEO of Central Securities Clearing System Plc (CSCS), Haruna Jalo-Waziri; CIS President, Oluropo Dada; ASHON Chairman, Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; CEO of Lagos Commodity Exchange, Akeredolu Ali; and other major stakeholders.
