By Ayomide Otitoju
The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has lauded Africa’s richest man and President/Chief Executive of Dangote Industries Limited, Aliko Dangote, for his outstanding contributions to Nigeria’s capital market and economic growth.
Kwairanga made the remarks during a courtesy visit by capital market stakeholders to the Dangote Petroleum Refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos, on Tuesday, June 25, 2025.
During the visit, Kwairanga described Dangote as “the pride of Nigeria’s financial market,” highlighting his influence on market liquidity and investor confidence through the listing of Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries on the Nigerian Exchange (NGX).
He also called on Dangote to extend this legacy by listing Dangote Petroleum Refinery and Dangote Fertiliser on the Exchange, saying such moves would deepen transparency, market participation, and inclusive wealth creation. “This is more than a tour—it’s a reaffirmation of our commitment to align capital with national development,” he said.
Responding, Aliko Dangote confirmed plans to list Dangote Fertiliser Limited on the NGX, assuring that the company’s dollar-denominated business model would protect investor returns from currency depreciation.
“Investors often worry about naira devaluation eroding dividends. But this business operates in dollars, which protects shareholder value,” he said, revealing plans to expand fertiliser operations to generate daily revenues of $20 million and dividends exceeding $3 billion in the coming years.
He added that the Group is also bolstering its cement arm by building new plants and scaling up clinker exports to West African markets. Dangote further underscored the importance of a robust stock market to Nigeria’s $1 trillion economy ambition, citing India’s Reliance Industries as a model.
Vice President of Oil and Gas at Dangote Group, Devakumar Edwin, who led the facility tour, described the 650,000 bpd Dangote Refinery as a “monumental achievement” executed by the Group acting as its own EPC contractor—a first of its kind globally. He noted that the refinery has ended Nigeria’s dependency on imported fuel and is now exporting refined products globally.
Present at the event were CEO of NGX, Temi Popoola; CEO of Central Securities Clearing System (CSCS), Haruna Jalo-Waziri; CIS President, Oluropo Dada; ASHON Chairman, Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; and CEO of Lagos Commodity Exchange, Akeredolu Ali, among other capital market leaders.
