Foremost African businessman, Mr Aliko Dangote, has assured that his fertiliser business, Dangote Fertiliser Limited, will soon list its shares on the Nigerian Exchange (NGX) Limited like its sister companies, Dangote Cement, Dangote Sugar, and NASCON Allied Industries.
He gave this assurance when he welcomed some stakeholders in the Nigerian capital market to his $20 billion Dangote Petroleum Refinery and Petrochemicals in Lagos recently,
Mr Dangote said investors do not have to fear over the devaluation of the Naira when they put their funds in the fertiliser business because of the business model it would run will deliver value to them.
According to him, the listing of Dangote Fertiliser on the stock exchange will revolutionise the capital market because the firm operates within a dollarised business framework.
“So, what are we aiming to do to bring about a major revolution in the capital market? The main challenge is that many investors are hesitant, thinking, If I invest my naira now, by the time I receive dividends in 10 years, the Naira will have lost value. However, we are entering the market with a dollarised business model,” he explained.
The business mogul further disclosed that the company was working on expanding its fertiliser plants to boost revenue, with a target dividend payment to shareholders exceeding $3 billion.
“In the next 40 months, our fertiliser business should generate $20 million in revenue per day. We are pushing hard. We expect to reach over $70 billion in revenue and possibly pay dividends of $3 to $4 billion. Our philosophy is to always think big,” he said.
He added that the Group is also strengthening its cement business by investing in new plants and targeting clinker exports to West African countries, which will boost revenue and provide better dividends for shareholders.
Praising the recent progress of the Mr NGX, Dangote stressed that Nigeria needs companies like Reliance Industries Limited, which once held its Annual General Meetings in a stadium. Such companies, he noted, would stimulate the economy and encourage wealth distribution.
Emphasising that Nigeria cannot attain its $1 trillion economy target without a vibrant stock exchange, Mr Dangote affirmed his continued engagement and support for the NGX, acknowledging its crucial role.
On his part, the leader of the delegation, Mr Umaru Kwairanga, who chairs the NGX Group Plc, praised Mr Dangote for his substantial contributions to the Nigerian capital market and private sector development.
He said the stock exchange would be more than happy to welcome Dangote Fertiliser and Dangote Petroleum Refinery.