NGX Chairman Urges Dangote to List Refinery, Fertiliser
By Patience Ikpeme
The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has commended Africa’s foremost industrialist, Aliko Dangote, for his transformative impact on Nigeria’s capital market and the broader private sector. Kwairanga made the remarks during a high-level visit by capital market stakeholders to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited facilities in Lagos.
Describing Dangote as a symbol of market-driven innovation and enterprise, Kwairanga said the listing of Dangote Fertiliser and Dangote Petroleum Refinery on the Nigerian Exchange (NGX) would be a logical continuation of the group’s longstanding commitment to transparency, inclusive wealth creation, and industrial leadership.
“This visit goes beyond a facility tour,” Kwairanga said. “It is a reaffirmation of the Nigerian Exchange Group’s alignment with national development goals and a call to deepen the market through the listing of critical assets like Dangote Refinery and Fertiliser.”
He noted that the Nigerian capital market takes pride in Dangote’s legacy of investments, citing the group’s existing listed entities—Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc—as examples of how market participation can drive liquidity, bolster investor confidence, and deliver long-term value to shareholders.
Kwairanga also recalled Dangote’s time as President of the Council of the Nigerian Stock Exchange, stating, “His leadership helped shape the current capital market landscape. His vision continues to resonate with stakeholders across the financial and industrial ecosystems.”
Dangote Targets $3 Billion Annual Dividend from Fertiliser Business
In his response, President/Chief Executive of Dangote Group, Aliko Dangote, confirmed the company’s intention to list Dangote Fertiliser Limited on the NGX in the near term. According to him, the listing is part of a broader strategy to transform the capital market and assure investors of tangible returns.
He said: “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 assured stakeholders that the company’s operating model would protect investments from exchange rate erosion, as it earns in dollars while expenses are partly in naira. He disclosed that expansion plans for the fertiliser business are already underway, with revenue projections set at over $20 million per day within the next 40 months.
“We expect to reach over $70 billion in revenue and possibly pay dividends of $3–4 billion,” Dangote said. “Our philosophy is to always think big.”
He also spoke about the group’s cement operations, noting that new investments in cement plants and clinker exports to West Africa would strengthen the business, improve earnings, and result in better returns to shareholders.
Stock Market Key to National Economic Targets
Praising the evolution of the Nigerian Exchange in recent years, Dangote said Nigeria cannot meet its ambition of becoming a $1 trillion economy without a strong, dynamic stock market that facilitates wealth creation and mobilizes capital for critical sectors.
“We need companies like Reliance Industries Limited in India, which once held its Annual General Meeting in a stadium,” he said. “Such corporate giants energize the economy and play a critical role in wealth distribution.”
Dangote reaffirmed his longstanding support for the NGX and promised continued engagement with market institutions. “The Exchange has a crucial role to play in helping Nigeria meet its growth targets, and we will do our part as a group,” he stated.
Refinery Execution an Unprecedented Feat
Providing additional insight into the scale and ambition of the group’s investments, the Vice President of Oil & Gas at Dangote Group, Edwin Devakumar, described the 650,000-barrel-per-day Dangote Petroleum Refinery as a landmark achievement in African industrial history.
He noted that the Dangote Group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the massive refinery project—a model rarely undertaken at such scale.
“This refinery is a symbol of African capability. It demanded immense courage, vision, and technical resolve,” Devakumar said. “Today, we are no longer reliant on imported petroleum products. In fact, Nigeria is now exporting refined products to various continents.”
Key Capital Market Leaders in Attendance
The visit brought together key figures from the Nigerian capital market ecosystem. In attendance were the Chief Executive Officer of NGX, Temi Popoola; Managing Director/CEO of the Central Securities Clearing System Plc (CSCS), Haruna Jalo-Waziri; President of the Chartered Institute of Stockbrokers (CIS), Oluropo Dada; Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; and the CEO of the Lagos Commodity and Futures Exchange, Akeredolu Ali, among others.
The visit signals a renewed push by market operators and regulators to deepen capital formation and attract industrial heavyweights into public ownership structures. Analysts say the potential listing of Dangote Fertiliser and Refinery could be a defining moment for the Nigerian stock market, both in terms of capitalization and investor participation.
