The Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr) Umaru Kwairanga, has extolled the industrialist and Africa’s richest man, Aliko Dangote, for his unmatched contributions to Nigeria’s capital market and private sector growth, describing him as the pride of Nigeria’s financial market.
Kwairanga made the remarks during a courtesy visit by capital market stakeholders to the Dangote Petroleum Refinery and Dangote Fertiliser Limited in Lagos.
The visit, according to him, underscored the capital market’s continued alignment with national development goals.
He seized the opportunity to call on the Dangote Group to list its Petroleum Refinery and Fertiliser companies on the Nigerian Exchange (NGX), stressing that such a move would further promote transparency, enhance market leadership, and democratise wealth creation through broad-based ownership.
“The Nigerian capital market takes immense pride in Aliko Dangote and the transformative impact his Group has had on the national economy.
“Through the listing of entities like Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc, the Dangote Group has deepened market liquidity, boosted investor confidence, and created long-term value for shareholders.”
Kwairanga, who recalled Dangote’s legacy as a former President of the Council of the Nigerian Stock Exchange, said the visit was more than a tour — it was a reaffirmation of the NGX’s strategic role in financing national development.
In his remarks, Dangote confirmed that plans are underway to list Dangote Fertiliser Limited on the NGX, promising a significant leap in the Nigerian capital market.
He said the company would operate under a dollarised framework that protects investors from the volatility of the naira.
“Our objective is to revolutionise the capital market with our listing. Investors often hesitate due to concerns about the naira’s depreciation.
“But we are coming with a dollarised business model. So those who invest in Dangote Fertiliser won’t need to worry about currency devaluation eating into their returns,” Dangote posited.
He revealed that the company is aggressively expanding its fertiliser operations, with a vision to exceed $3 billion in dividend payouts and generate $20 million in daily revenue within the next 40 months.
“In the coming years, our fertiliser business should generate over $70 billion in revenue. We’re aiming for dividend payments in the range of $3 to $4 billion. Our philosophy is to always think big and deliver value,” he added.
On other fronts, Dangote noted that the Group is investing heavily in expanding its cement operations and exploring clinker exports across West Africa.
These moves, he explained, are aimed at boosting foreign exchange inflow and ensuring higher returns for shareholders.
Dangote also praised the NGX for its recent innovations and developmental strides, noting that Nigeria needs mega corporations like India’s Reliance Industries, a firm known to host its Annual General Meetings in stadiums, to catalyse economic transformation and wealth redistribution.
“If we must hit the $1 trillion economy target, we need a vibrant capital market. We are committed to supporting the NGX because of its pivotal role in Nigeria’s growth story,” he affirmed.
Taking the capital market stakeholders on a tour of the 650,000-barrel-per-day Dangote Refinery, the Group’s Vice President of Oil & Gas, Edwin Devakumar, described the project as a feat of engineering brilliance and ambition.
Devakumar revealed that Dangote Group served as its Engineering, Procurement, and Construction (EPC) contractor, an unprecedented undertaking at this scale. “This required immense vision, resilience, and courage,” he said.
He added that the refinery has now eliminated Nigeria’s dependence on imported petroleum products and is currently exporting refined fuels to multiple continents.
The courtesy visit attracted top dignitaries including the CEO of NGX, Temi Popoola; Managing Director/CEO of Central Securities Clearing System (CSCS), Haruna Jalo-Waziri; President of the Chartered Institute of Stockbrokers (CIS), Oluropo Dada; ASHON Chairman, Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; and CEO of the Lagos Commodity Exchange, Akeredolu Ali.
Their presence, Kwairanga said, signified the capital market’s collective support for Dangote Group’s visionary ventures and a shared commitment to economic empowerment through market participation.
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