NGX chairman seeks listing of Dangote refinery, fertiliser

The Group Chairman of Nigerian Exchange Group, Dr Umaru Kwairanga, has called for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX.

The NGX chairman also commended the President/Chief Executive Officer of Dangote Group, Aliko Dangote, for his substantial contributions to the Nigerian capital market and private sector development.

He said this during a courtesy visit to the Dangote refinery and Dangote Fertiliser Limited by capital market stakeholders on Wednesday, June 25, 2025.

Kwairanga said the listing of the refinery and the fertiliser on the NGX 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 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, 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.

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The NGX 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 will soon list Dangote Fertiliser Limited on the NGX 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,” Dangote stated.

Dangote further disclosed that the company is working on 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 added.

He noted 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.

The Star