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By Chukwuma Umeorah
Shareholders have called on Aliko Dangote, President of the Dangote Group, to expedite the listing of the Dangote Petroleum Refinery on the Nigerian Exchange Limited (NGX), saying such a move would give ordinary Nigerians the opportunity to become co-owners and benefit from capital gains and dividends.
Speaking on behalf of shareholders, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, highlighted the transformational impact of Dangote’s investments on the Nigerian economy.
“What we are seeing is a man who has consistently demonstrated his love and trust in his country. Whether at the capital market where he has some of the largest companies or the labour market where he stands out as major employer of labour or in the nationwide spread of manufacturing plants, one thing is consistent about Dangote, the welfare of Nigerians and Nigeria is at the topmost of his mind,” Umar said.
The shareholders noted that the $20 billion Dangote Petroleum Refinery has strengthened Nigeria’s economic stability and citizens’ welfare, with the country celebrating the year-end festivities without fuel scarcity or exorbitant prices for the first time in recent history. Umar cited the reduction in transport and energy costs as part of the sustained trend in disinflation linked to Dangote’s projects.
According to Umar, the recent partnership between Dangote Group and Honeywell International Inc to expand the refinery’s daily processing capacity to 1.4 million barrels per day, alongside planned expansions in polypropylene capacity to 2.4 million metric tons annually and urea production from three million to nine million metric tons annually, would further boost Nigeria’s manufacturing and agriculture sectors.
He stressed that Dangote has distinguished himself by reinvesting in Nigeria rather than stashing wealth abroad. “Rather than stashing away his money in foreign assets as many are won’t to do, Dangote, Africa’s richest man, has marked himself out as the largest indigenous investor in the Nigerian economy,” Umar said.
The 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, reflecting the group’s commitment to wealth creation for ordinary Nigerians.
Beyond business, Umar pointed to Dangote’s philanthropy as evidence of his commitment to national development. He highlighted the recent launch of the N1 trillion Dangote Education Trust by the Aliko Dangote Foundation, which is expected to benefit 1.3 million students over the next decade.
“Dangote has shown in the running of his companies and activities of ADF that wealth should be for the purpose of the wellbeing of the people. The N1 trillion Education Trust is a massive boost to the future of the country as education is the main enabler for socio-economic development,” he said.
Umar urged Dangote to continue exploring investment opportunities in sectors such as steel, healthcare, infrastructure, and agriculture. He also called on other wealthy Nigerians to emulate Dangote by using the country as the foundation for their investments and businesses.
