The Group Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has commended Africa’s richest man, Aliko Dangote, for his exceptional contributions to Nigeria’s capital market and private sector development.
Speaking during a stakeholders’ visit to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, Kwairanga called for the listing of the two companies on the Nigerian Exchange (NGX), describing it as a natural evolution for the conglomerate.
He noted that Dangote’s legacy—from his tenure as President of the Nigerian Stock Exchange Council to the listing of Dangote Cement, Dangote Sugar, and NASCON—had significantly deepened market liquidity and strengthened investor confidence.
Kwairanga emphasised that such listings would drive transparency, inclusive wealth creation, and align private investment with Nigeria’s broader development goals.
In his remarks, the President/Chief Executive of Dangote Group, Aliko Dangote, confirmed that plans are underway to list Dangote Fertiliser Limited, highlighting the company’s dollar-based revenue model as a strong hedge against naira devaluation fears.
Dangote disclosed that the fertiliser arm of the group is projected to generate over $20 million in daily revenue within 40 months and could pay dividends of up to $4 billion. He also revealed ongoing expansion in the cement division and future export plans to West African markets.
Commending the NGX’s recent progress, Dangote reiterated his support for the capital market, noting its critical role in transforming Nigeria into a $1 trillion economy.
Also speaking, Dangote Group’s Vice President of Oil & Gas, Edwin Devakumar, described the 650,000 bpd refinery as a landmark achievement, proudly built without an external EPC contractor. The refinery, he said, has not only ended Nigeria’s reliance on fuel imports but now exports refined products globally.
Present at the facility tour were NGX CEO Temi Popoola; CSCS MD/CEO Haruna Jalo-Waziri; CIS President Oluropo Dada; ASHON Chairman Sam Onukwe; NGX Regulation CEO Olufemi Shobanjo; and Lagos Commodity Exchange CEO Akeredolu Ali, among other top stakeholders.
