Dangote to list refinery, other companies on Stock Exchange

Alhaji Aliko Dangote has given the assurance that every Nigerian will be given the opportunity to co-own his refinery billed to be launched in 2019 as well as every other company he creates under the Dangote Group of Companies.

Dangote who was at the Nigerian Stock Exchange on Monday in commemoration of his 60th birthday confirmed this to journalist after the bell ringing ceremony to celebrate his diamond jubilee on the Exchange in Lagos.

Dangote currently has four companies listed on the NSE with a total market capitalisation of N2.9 trillion as at April 10, 2017, representing 32.7 percent of the total capitalisation of the equities listed on the Nigerian bourse.

According to Dangote, we will continue to work with the federal government and other partners to diversify the economy and spread prosperity to Nigerians.

Dangote’s 650,000 barrel-per-day refinery project worth tens of billions of dollars is the Largest in Africa, and will help Nigerians eradicate the challenge of fuel needed to power the struggling economy.

He said the successful completion of the project will help in making sure that there are no more shipment of crude to stem the deficit in supply.

He added that with dealings being within the Nigerian banking sector, and distribution done locally, indigenous wealth creation is imminent.

He explained that more than 50 percent of the petrol stations we have, are not in operation, because of limited supply, adding that with the refineries working, steady supply will be available, putting stations to work which will mean more jobs and better standard of living for people.

Speaking further on the diversification of the economy, Dangote argued that the, several Agricultural schemes being embarked on by the government is set to take us out of the current economic recession and create better wealth for the Nigerian citizens.

He said in the next 3 years we are projecting the export of 1.2 million tonnes of sugar, and with this the need for forex will reduce.

“We have also signed an agreement with the supplier at rice mills, the rice mills that we have is about one and half times the current capacity in the country which is over a million tonnes.

“What we are doing today with farmers is to enrich them, giving them new seeds, fertilisers, insecticides and chemicals to produce an average of 8 tons per hectare for production that will meet the country’s demand.

Speaking on the Demutualisation of the Nigerian Stock Exchange, Dangote commended the President of the Council Mr. Aig Imokhuede, the CEO Mr. Oscar Onyema and the rest of the council members for the success recorded so far.
He affirmed that conclusions to the demutualisation process will be finalised by year end, further giving Nigerians opportunity to possess a part of the Nigerian Exchange.

He said despite the challenges the economy is facing, he sees the Nigerian Stock Exchange as big as South Africa’s Johannesburg Stock Exchange (JSE) in a couple of years, and worst case number two in Africa.

He also commended the stockbroking community, saying they have contributed a lot to Dangote Group and that they have tremendously supported his businesses.

Speaking on behalf of the capital market community, the former president of Association of Stockbroking Houses of Nigeria (ASHON), Mr. Rasheed Yussuf said that Dangote is an important stakeholder in the Nigerian capital market, saying that “His decision to celebrate his birthday with the capital market community is a testimony to the mutually beneficially relationship to which has been involved over the years between Dangote, brokers and capital market in generally.”

He noted that the government of Dangote as the president of NSE was the most challenging period for the capital market, saying on one hand the NSE was faced with a serious management succession crisis, while on the other hand the market had to contend with the ravaging margin loans crisis.

“Dangote worked tirelessly with the Association of Stockbroking Houses of Nigeria (ASHON), leveraging on his contacts to make presentation to the various level of government functionality, CBN, among others culminating in the setting up of Asset Management Company of Nigeria (AMCON) and eventual resolution of the margin loan problems.”

He noted further that if the margin loan crisis has not been resolved the way it was the collateral damage on the operators and the market will have been so profound.

He added that as a strong promoter of local content development in Nigeria, Dangote took the pioneering step of listing most of his companies on the floor of NSE, substantially deepening the market.

According to Yussuf, the listing company constitute a reasonable percentage of equities listed on the board and the expectation are high that the new project concurrently being undertaking in the country by the group such as fertiliser plant, Refinery Plant, Agricultural Projects among others will also be listed soon.