Investors Urge Dangote to List Refinery on NGX for Public Ownership
- Investors and stock market traders urged Aliko Dangote to list the Dangote Refinery on the NGX
- They said a listing would allow Nigerians to earn dividends and capital gains
- Dangote Group already has three companies listed on the Nigerian Exchange
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Investors have appealed to Aliko Dangote, president of the Dangote Group, to fast-track the listing of the Dangote Petroleum Refinery on the Nigerian Exchange Limited (NGX), urging that it would enable ordinary Nigerians to own shares and benefit from dividends and capital appreciation.
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The call was made by the President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, who spoke on behalf of investors while highlighting the broader economic impact of Dangote’s investments in Nigeria, PUNCH reported.
According to Umar, Dangote’s business activities across key sectors have consistently demonstrated a strong commitment to Nigeria’s development, ranging from capital market participation to large-scale job creation and the nationwide spread of manufacturing facilities.
Dangote ends December fuel scarcity
He said the $20 billion Dangote Petroleum Refinery has strengthened Nigeria’s economic stability and improved citizens’ welfare, noting that Nigerians experienced year-end festivities without fuel scarcity or extreme price spikes for the first time in recent history.
Umar linked the improved fuel availability to lower transportation and energy costs, which he said contributed to a sustained moderation in inflationary pressures across the economy.
He also pointed to the Dangote Group’s recent partnership with Honeywell International Inc, which aims to expand the refinery’s processing capacity to 1.4 million barrels per day.
According to him, additional plans to increase polypropylene capacity to 2.4 million metric tonnes annually and scale urea production from three million to nine million metric tonnes per year are expected to further support Nigeria’s manufacturing and agricultural sectors.
Umar stressed that Dangote has distinguished himself by reinvesting his wealth locally rather than holding assets overseas, describing him as Nigeria’s largest indigenous investor.
Dangote Group has three companies listed
He noted that the Dangote Group already has three listed companies on the NGX, including Dangote Cement Plc, Dangote Sugar Refinery Plc and NASCON Allied Industries Plc.
Dangote Cement alone, valued at over N8 trillion, has paid more than N3.3 trillion in cash dividends to shareholders over the past 15 years, he said.
Beyond business operations, Umar highlighted Dangote’s philanthropic efforts through the Aliko Dangote Foundation (ADF).
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He referenced the recently launched N1 trillion Dangote Education Trust, which is expected to support about 1.3 million students over the next decade.
According to Umar, the education initiative underscores the group’s belief that wealth creation should translate into improved social welfare and long-term national development.
He urged Dangote to continue exploring investment opportunities in sectors such as steel, healthcare, infrastructure and agriculture.
Umar also encouraged other wealthy Nigerians to emulate Dangote by committing their investments to the domestic economy.
Dangote shares plan to list refinery
Legit.ng earlier reported that Alhaji Aliko Dangote shared his plan to list the Dangote refinery on the Nigerian Stock Exchange, allowing citizens to become shareholders in the facility.
Dangote responded to allegations that he wanted to monopolise the downstream petroleum market, urging the public not to use such concerns to undermine local investment and industrial growth in Nigeria.
He emphasised that the refinery now meets all of Nigeria’s diesel and jet fuel needs, with additional export capacity.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
