Dangote Moves to Enrich Nigerians With $3 Billion, Plans to List Fertiliser Company on NGX
- Aliko Dangote, Chairman of the Dangote Group, has explained how his fertiliser company will enrich Nigerians and investors
- Dangote disclosed the exact amount investors in the fertiliser company could earn, as he promised to sell shares to the public
- Additionally, the Nigerian billionaire, who hosted NGX Group members, explained the company’s daily revenue target in the next 40 months
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Aliko Dangote, Chairman of the Dangote Group, has stated that the conglomerate will soon list Dangote Fertiliser Limited on the Nigerian Exchange Limited (NGX).
The Nigerian billionaire disclosed this as the Group Chairman of the NGX Group, Umaru Kwairanga, applauded the Nigerian investor for contributions to the Nigerian capital market and private sector development.
Source: Getty Images
Will Dangote Fertiliser pay dividends in Naira?
The development came amid a courtesy visit to the Dangote Refinery by capital market operators and stakeholders.
Dangote assured stakeholders that investors in his fertiliser company will not worry about the naira, as the company operates with a dollar-based business guideline.
According to him, the company aims to revolutionise the capital market, eliminating the need for investors to worry about the value of their investment in naira terms.
How much revenue will Dangote Fertiliser generate?
He stated that the company operates in a dollarized environment, with a strong international business model.
Africa’s richest man said that the company is working on expanding its fertiliser plants to increase revenue, targeting a dividend payment to shareholders of over $3 billion.
Daily Trust reported that Dangote said that the company will generate about $20 million in revenue per day in the next 40 months.
Dangote reveals plans for new cement plants
Dangote explained that the conglomerate is boosting its cement business by investing in new plants and targeting clinker exports to West African countries, which will increase revenue and provide better dividends for shareholders.
He praised NGX on its gains, stating that companies like Reliance Industries Limited, which held its AGM in a stadium, are what Nigeria needs.
He stated that such firms would trigger economic growth and encourage wealth distribution.
Dangote Fertiliser: What’s in it for Nigerians?
The NGX Group Chairman, Kwairanga, said that it would mean progress in the Dangote Group’s growth trajectory if the refinery and fertiliser company listed on the NGX created wealth.
He noted that the Nigerian capital market is proud of the Nigerian billionaire, who is also the richest investor on the NGX, stating that his contributions to the economy have relieved Nigerians.
Edwin Devakumar, Vice President of Oil and Gas at Dangote Industries Limited, described the massive refinery as a monumental achievement, which required strong courage, vision, and determination.
Source: UGC
Devakumar said the conglomerate was its engineering, procurement, and construction (EPC) contractor during the refinery’s building, describing it as a major feat.
Dangote finally gives reason for importing US crude
Legit.ng earlier reported that the Dangote Refinery has attributed its sudden appetite for US crude to the domestic supply shortage.
Aliko Dangote, President of Dangote Industries, disclosed this during a visit by the Technical Committee of the One-Stop Shop (OSS) on the sale of crude and refined products in naira.
Dangote explained that despite the naira-for-crude scheme significantly easing FX pressure and contributing to local price stability, continued domestic supply shortages were forcing the mega refinery to rely on crude from the US.
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Source: Legit.ng
