Dangote Tells Nigerians To Prepare To Buy Refinery Shares in 5 Months
- Aliko Dangote has announced that Nigerians will be able to buy shares in the Dangote Refinery within the next four to five months
- Investors can choose to receive dividends in naira or dollars, as the refinery earns in foreign currency
- Dangote urged the government to reduce imports and support local manufacturing to strengthen the naira
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The chairman of the Dangote Group, Aliko Dangote, has announced that Nigerians will soon be able to invest directly in the Dangote Refinery, while urging the federal government to support local manufacturing to strengthen the naira.
Dangote announced the investment while hosting the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, and other board and executive members on a tour of the refinery.
Source: Getty Images
He said.
“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares."
Punch reports that NNPC currently holds a minority stake in the refinery on behalf of Nigerians.
Dangote added:
“They are holding 7.25% of the shares that we have here… and they are holding that on behalf of Nigerians."
Dangote Refinery speaks on dividends in dollars
Investors will have flexibility in receiving dividends from their investment.
He said.
“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars."
Dangote also highlighted plans for deeper collaboration with NNPC to strengthen operations and explore additional opportunities across the oil and gas value chain.
Dangote continues:
“I believe there is enormous potential, and both NNPC and Dangote Refinery will collaborate closely to ensure our joint efforts deliver results that make Nigerians proud.”
On potential upstream partnerships, he added:
“Based on our ongoing discussions, we are likely to collaborate with them, possibly in parts of the upstream sector. They may also work with us here, as this facility is more than just a refinery it is an industrial hub.”
Dangote further disclosed new industrial projects within the complex, including the production of linear alkylbenzene used in detergents, which would position the facility as a key supplier across Africa.
His words
“That key input for detergent production will be enough to meet demand across the entire African continent, and we plan to complete delivery within the next 30 months.”
Source: Getty Images
Dangote makes request from Tinubu's govt
Speaking on the naira, Dangote said ongoing government reforms and reduced import dependence could strengthen the currency.
Vanguard reports that he made the remarks in Abuja at the launch of Nigeria’s Industrial Policy, attended by Vice President Kashim Shettima and other dignitaries.
He said
“Today, the dollar is N1,340. I can assure you that, with what I know, by blocking importation, the currency this year could be as low as N1,100 if we are lucky."
Africa's richest man also urged the government to support local manufacturing and protect domestic investors through incentives and reliable infrastructure.
4 easy steps to buy Dangote petrol
Legit.ng earlier reported that the Dangote group announced 4 easy steps to become a petrol distributor in Nigeria.
This move comes as the newly operational refinery seeks to expand its distribution network nationwide and achieve its goal of affordable petroleum products.
Already, Dangote Refinery has announced partnerships with six downstream marketers for the distribution of its products at uniform rates.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
