Shareholders of the Dangote Group have urged Aliko Dangote, President of the conglomerate, to expedite the listing of the Dangote Petroleum Refinery on the Nigerian Exchange Limited (NGX), highlighting the potential for ordinary Nigerians and small businesses to become co-owners and benefit from dividends and capital gains.
Dr Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), spoke on behalf of shareholders, emphasizing the transformative impact of Dangote’s investments on the Nigerian economy.
“What we are seeing is a man who consistently demonstrates trust in his country. Whether through capital markets, employment, or the nationwide spread of manufacturing plants, Dangote prioritizes the welfare of Nigerians,” Umar said.
Shareholders noted that the $20 billion Dangote Petroleum Refinery has strengthened Nigeria’s economic stability, contributing to a festive season without fuel scarcity or exorbitant energy costs for the first time in recent years. This, they say, has reduced operating costs for businesses, including small and medium-sized enterprises, by lowering transportation and energy expenses.
Umar highlighted the recent partnership between Dangote Group and Honeywell International Inc., which aims to expand the refinery’s daily processing capacity to 1.4 million barrels per day, alongside planned increases in polypropylene production to 2.4 million metric tons annually and urea output from three million to nine million metric tons per year. These expansions, he noted, are expected to boost Nigeria’s manufacturing and agricultural sectors, creating opportunities for local suppliers, service providers, and SMEs.
“Rather than moving wealth abroad, Dangote reinvests in Nigeria, becoming the largest indigenous investor in the economy. This demonstrates a clear path for SMEs to grow alongside these major industrial developments,” 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 dividends over the past 15 years, illustrating the potential for ordinary Nigerians and small investors to benefit from public listings.
Umar also highlighted Dangote’s philanthropic efforts as part of his broader commitment to national development. He pointed to the recent launch of the N1 trillion Dangote Education Trust by the Aliko Dangote Foundation, expected to benefit 1.3 million students over the next decade, noting that education is a critical enabler for entrepreneurship and SME growth.
“Dangote has shown that wealth should serve the people. The Education Trust is a significant boost for future entrepreneurs, providing access to education and skills development that SMEs will rely on in the coming years,” Umar said.
He urged Dangote to continue exploring investment opportunities in sectors such as steel, healthcare, infrastructure, and agriculture. He encouraged other wealthy Nigerians to use the country as a base for investments that can drive local enterprise development.
