Dangote says refinery will pay dividends in dollars after listing
Aliko Dangote, chairman of the Dangote Group, says the company’s refinery will pay dividends in dollars once it is listed on the stock exchange.
Speaking on Thursday at the unveiling of Dangote Group’s $100bn Vision 2030: Accelerating Africa’s Industrialization, the billionaire said the firm is already working with the Nigerian Exchange (NGX) and the Securities and Exchange Commission (SEC) to enable foreign-currency dividend payments.
Dangote said the conglomerate aims to hit $100 billion in annual revenue by 2030 — a milestone that would put it “among the top 100 companies in the world”.
“By 2030, the Dangote Group will become a $100 billion revenue enterprise,” he said. “When we get there, we will be one of the 100 top companies in the world. We will also have approximately over $200 billion market capitalisation because we intend to list.
“And in our listing, even in Nigeria, when we list the refinery, by the grace of God, we’re working with NGX and the SEC to make sure that we will be paying our dividends in dollars… and I am sure the most honourable minister of finance and coordinating minister of economy will give approval to that.”
Dangote stressed that the dollar dividends would not come from the Central Bank of Nigeria (CBN), saying ongoing projects — including the group’s fertiliser business — will generate about $6.4 billion in annual inflows.
“So we will have enough money to pay for dividends in dollars,” he added.
The industrialist said the company’s long-term vision is to drive Africa’s industrial transformation by building globally competitive enterprises that promote self-sufficiency and prosperity.
“Our mission is to build and operate world-class businesses that transform Africa’s business into essential products, creating jobs, value and self-sufficiency across the continent,” he said.
He added that the group’s vision and mission are not “merely inspirational language” but a clear and measurable roadmap already in motion.
