Caption: From left, Vice President, Oil and Gas, Dangote Industries Ltd, Devakumar Edwin; CEO NGX, Temi Popoola; President / CE, Dangote Industries Ltd, Aliko Dangote; Group Chairman, NGX Group Alhaji (Dr.) Umaru Kwairanga, Managing Director/ CEO of Central Securities Clearing System Plc, (CSCS), Haruna Jalo-Waziri, during the NGX Group’s Visit to Dangote petroleum Refinery and fertiliser plant, Ibeju-Lekki Lagos on Tuesday June 25, 2025.
The President/ Chief Executive of the Dangote Industries Limited, Aliko Dangote, on Tuesday reaffirmed plans by the group to list the Dangote Fertiliser Limited on the Nigerian Exchange (NGX) soon
Dangote who spoke when responding to a call for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, by the Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, who led capital market stakeholders on a courtesy visit to the facility in Lagos the list will revolutionise the Nigerian capital market.
According to him, investors are worried about investing in “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.”
Continuing, he said investors in Dangote Fertiliser Limited would not need to worry about the value of the local currency- the Naira, since the company operates within a dollarised business framework.
Dangote further disclosed that the company is 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 to $4bn. Our philosophy is to always think big,” he said.
Dangote 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, (a Fortune 500 company and the largest private sector corporation in India) 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 the NGX, acknowledging its crucial role.
Speaking earlier, Kwairanga, applauded Dangote’s substantial contributions to the Nigerian capital market and private sector development, commending the impact of the Dangote Petroleum Refinery on the Nigerian economy.
He recalled how visionary leadership of Dangote during his tenure as President of the Council of the Nigerian Stock Exchange, when he shaped 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 the NGX’s commitment to aligning investment capital with national development goals.
Leading the delegation on a tour of the facilities, the Vice President, Oil & Gas, at Dangote Group, Edwin Devakumar, 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 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, 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.
