Shareholders Commends Dangote Transformational Business Philosophy …..urge him to fast-track refinery’s listing on NGX
Shareholders have commended the President of Dangote Group, Alhaji Aliko Dangote, for his sustained commitment to investing in Nigeria, describing his business philosophy as transformational to the national economy with far-reaching positive effects on the lives of ordinary Nigerians.
The shareholders also urged Dangote who is Chairman of Dangote Refinery to facilitate listing of the 650,000-barrel refinery and petrochemical company into the Nigerian Exchange platform.
They said Dangote’s journey from a modest trading enterprise to building one of Africa’s largest manufacturing conglomerates and the continent’s biggest petroleum refinery reflects patriotism, resilience, and a deep commitment to national development.
They noted that Dangote deliberately transitioned from import-dependent trading into large-scale domestic manufacturing, with strategic investments spanning cement, petroleum refining, sugar, salt, fertiliser, and other household and industrial products.
According to them, rather than diverting capital into offshore assets as many wealthy individuals often do, Africa’s richest man has distinguished himself as Nigeria’s largest indigenous investor, anchoring his wealth firmly within the domestic economy.
The shareholders highlighted the profound impact of the Dangote Petroleum Refinery on Nigeria’s economic stability, noting that the country experienced a rare year-end festive season without fuel scarcity or exorbitant pump prices.
Speaking on behalf of shareholders, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said recent economic indicators point to Dangote’s direct contribution to improved national welfare.
He cited the sustained trend of disinflation, partly driven by reduced transportation and energy costs, as clear evidence of the refinery’s positive multiplier effects on the economy.
“The sharp reduction in the retail price of petrol has shown that the $20 billion Dangote Refinery is not only the world’s largest single-train refinery, but also a major stabilising force for the Nigerian economy,” Umar said.
He added that the refinery has significantly enhanced Nigeria’s global standing while strengthening domestic industrial capacity.
Umar also pointed to the recent partnership between Dangote Group and Honeywell International Inc. to expand the refinery’s processing capacity to 1.4 million barrels per day as further proof of Dangote’s unwavering confidence in Nigeria, despite persistent operational and regulatory challenges.
According to him, planned expansions in polypropylene capacity to 2.4 million metric tonnes annually and urea production from three million metric tonnes to nine million metric tonnes per annum would have far-reaching benefits for Nigeria’s manufacturing and agricultural sectors.
“What we are witnessing is a businessman who consistently demonstrates trust in his country,” Umar said. “Whether in the capital market where he owns some of the largest listed companies, in the labour market as one of the biggest employers, or through the nationwide spread of manufacturing plants, Dangote has always prioritised the welfare of Nigerians.”
The shareholders urged Dangote to fast-track the listing of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX), saying it would allow ordinary Nigerians to participate directly in the wealth created by the project.
Umar noted that giving citizens the opportunity to own shares in the refinery would further empower Nigerians, citing the long history of strong capital appreciation and dividend payouts by Dangote’s publicly listed companies.
Daily Trust reports that Dangote Group currently has three listed companies on the NGX—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.
The shareholders also commended the recent launch of the ₦1 trillion Dangote Education Trust Fund by the Aliko Dangote Foundation (ADF), describing it as an unprecedented investment in Nigeria’s future.
