NGX Group Chairman Hails Dangote as “Pride of Africa,” Urges Listing of Fertiliser and Refinery Arms
NGX Group Chairman Hails Dangote as “Pride of Africa,” Urges Listing of Fertiliser and Refinery Arms
Patience Bitrus
Lagos, Nigeria – June 26, 2025 — The Group Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has described business mogul Aliko Dangote as “the pride of Nigeria’s financial markets and Africa at large,” lauding his outstanding contributions to private sector growth and capital market development.
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Kwairanga made the remarks during a high-profile visit by capital market stakeholders to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited facilities in Lagos.
The visit was more than ceremonial—it was a strategic dialogue on boosting market depth and national development through inclusive investment.
The NGX Chairman urged the listing of Dangote Fertiliser and Dangote Petroleum Refinery on the Nigerian Exchange, stating that such a move would mark a “natural progression” for the conglomerate’s transparent business model and further democratise wealth creation in Nigeria.
“Through listings like Dangote Cement, Dangote Sugar, and NASCON, the Group has deepened market liquidity, increased investor confidence, and created long-term value for shareholders,” Kwairanga noted.
“Alhaji Aliko Dangote’s legacy in the capital market is unmatched.”
Recalling Dangote’s former role as President of the Nigerian Stock Exchange Council, Kwairanga credited him with reshaping the capital market landscape and aligning it with national economic goals.
In response, Dangote Group President/CEO Aliko Dangote confirmed that plans are underway to list Dangote Fertiliser Limited on the NGX, describing it as a game-changing step that will “revolutionise the capital market.” He also highlighted the dollarised business model of the fertiliser company, designed to shield investors from the depreciation risks associated with naira-denominated returns.
“We want to remove the fear of currency erosion. With our dollarised model, investors can trust in stable, high-value returns,” Dangote said.
“We aim to generate over $20 million per day in revenue from fertiliser within the next 40 months and potentially pay out $3–$4 billion in dividends to shareholders.”
Dangote revealed that the Group is expanding its fertiliser and cement operations across Africa, including exporting clinker to West African markets—moves expected to drive revenue and stimulate job creation.
He also expressed admiration for the growth and direction of the NGX, urging the capital market to nurture companies with scale and ambition akin to India’s Reliance Industries. According to him, Nigeria’s aspiration to become a $1 trillion economy cannot materialise without a dynamic and inclusive stock market.
“The Exchange is key to our national economic vision. Without it, we can’t attract the kind of capital needed to transform the country,” he asserted.
Also speaking during the visit, Edwin Devakumar, Vice President, Oil & Gas at Dangote Group, described the 650,000 barrels-per-day refinery as a feat of engineering and courage. He noted that the Dangote Group functioned as its own EPC (Engineering, Procurement, and Construction) contractor—something never before achieved at this scale.
Devakumar added that Nigeria has now become self-sufficient in refined petroleum products and is exporting globally, thanks to the refinery’s capabilities.
The delegation included key industry figures such as:
Temi Popoola, CEO, Nigerian Exchange (NGX)
Haruna Jalo-Waziri, CEO, Central Securities Clearing System Plc (CSCS)
Oluropo Dada, President, Chartered Institute of Stockbrokers (CIS)
Sam Onukwe, Chairman, Association of Securities Dealing Houses of Nigeria (ASHON)
Olufemi Shobanjo, CEO, NGX Regulation
Akeredolu Ali, CEO, Lagos Commodity and Futures Exchange
The visit underscored a shared commitment between Dangote Group and Nigeria’s capital market to drive sustainable economic growth, unlock investment, and deepen financial inclusion across the continent.
With the upcoming listing of Dangote Fertiliser and potential listing of the refinery, stakeholders say Nigeria’s capital market is poised for a historic expansion—and Aliko Dangote remains at the heart of that journey.
NGX Group Chairman Hails Dangote as “Pride of Africa,” Urges Listing of Fertiliser and Refinery Arms