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  • Dangote is pride of Nigeria’s financial market, says NGX

    Dangote is pride of Nigeria’s financial market, says NGX

    The Group Chairman of Nigerian Exchange Group (NGX Group), Umaru Kwairanga, has praised the President/Chief Executive, Dangote Group,  Aliko Dangote for his substantial contributions to the Nigerian capital market and private sector development.

    He noted this during a courtesy visit to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited by capital market stakeholders.

    Kwairanga, who called for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, stated that it would represent a natural progression in the Dangote Group’s journey towards transparency, market leadership and inclusive wealth creation. Noting that the Nigerian capital market takes great pride in Dangote and his contributions to the economy, he commended the impact of the Dangote Petroleum Refinery on the Nigerian economy, stressing that the various initiatives introduced have provided much-needed relief to Nigerians.

    Kwairanga recalled Dangote’s tenure as President of the Council of the Nigerian Stock Exchange, describing him as a visionary whose leadership shaped the capital market landscape.

    “Through the listing of companies such as Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc, the Group has significantly deepened market liquidity, boosted investor confidence, and driven long-term value creation for shareholders,” he stated.

    The Chairman emphasised that the visit was more than a tour; it was a reaffirmation of the NGX’s commitment to aligning investment capital with national development goals.

    The President/ Chief Executive of the Dangote Group, Aliko Dangote, reaffirmed that the Group will soon list the Dangote Fertiliser Limited on the Nigerian Exchange (NGX), with the aim of revolutionising the capital market.

    Read Also: Nigeria opens door to new economy as Tinubu signs landmark tax reform laws

    He assured shareholders that those investing in Dangote Fertiliser Limited would not need to worry about the value of the local currency, as the company 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 ten years, the naira will have lost value. However, we are entering the market with a dollarised business model,” he explained.

    Dangote further disclosed that the company is 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 billion 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 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, Dangote affirmed his continued engagement and support for the NGX, acknowledging its crucial role.

    The Vice President of Oil & Gas at Dangote Group, Edwin Devakumar, who led the delegation on a tour of the facilities, described the construction of the 650,000-barrel-per-day refinery as a monumental achievement that demanded immense courage, vision, and determination. He noted that the Group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the refinery—a feat never before attempted at this scale.

    He also stressed that the refinery has ensured Nigeria is no longer reliant on imports to meet its petroleum needs and is now exporting refined products to various continents worldwide.

    Also present were the CEO of NGX, Temi Popoola; Managing Director/CEO of Central Securities Clearing System Plc (CSCS), Haruna Jalo-Waziri; CIS President, Oluropo Dada; ASHON Chairman, Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; CEO of Lagos Commodity Exchange, Akeredolu Ali; and other major stakeholders.

  • ‘Dangote’s distribution plan will address losses’

    ‘Dangote’s distribution plan will address losses’

    Distribution of petroleum products from the 650,000 barrels per day (bpd) Dangote Petroleum Refinery will save marketers losses due to price crash, oil marketers have said.

    The marketers, acting under the aegis of Independent Petroleum Marketers Association of Nigeria (IPMAN) National Public Relations Officer, Chief Chinedu Ukadike made this known to The Nation on phone yesterday.

    He said since the refinery would power its 4,000 tankers for the distribution with the Compressed Natural Gas (CNG) which is cheaper, it means the marketers would get it cheaper and vend it cheaper.

    “It will help because with the CNG trucks products will be cheaper in so many areas. And once we the independent marketers get products cheaper we will sell in our filling stations cheaper. So, the cheaper we buy, the cheaper we sell,” he said.

    He further explained that the marketers would now activate their pump prices on the receipt of the products in the retail outlets without incurring losses.

    Ukadike said the fear of price crashing before the product’s arrival at the fuel station has become history.

    He said whenever they place an order banks would be present to record the price and bear part of the liability in the case of losses.

    READ ALSO: A President and a comrade

    He described the new market regime from Dangote as a buffer zone.

    Asked whether distribution of petroleum products by the refinery would address previous losses due to sudden price crash, the IPMAN National PRO said: “Definitely, it will save us because as at the point the product arrives at your filling station, you activate your price.

    “Most of us don’t normally buy products in bulk before we will be able to get trucks to the stations, price will fall.

    “So when we make order and also bringing in the banks also giving us credit facilities, when we take credit facilities from the bank, the bank will also bear part of losses because they will see how much we buy the product, how much Dangote is selling to us. So it will be a buffer zone.”

    According to him, the concern of the marketers is energy security and compliance with the deregulation policy.

    He applauded the refinery for the new market strategy of trucking products to willing marketers.

    Ukadike allayed the fear that the 4,000 tankers would overshadow the independent marketers in the business.

    According to him, 4,000 trucks are negligible compared to the over 50,000 tankers of the IPMAN members.

    “What is 4,000 trucks? Independent marketers we have over 50,000 trucks. So 4000 is infinitesimal in the distribution. But it will also aid. So we are not perturbed at all, we are battle ready,” he said.

    Ukadike said IPMAN is at peace with anything that would fasten distribution of petroleum products in the country and ensure energy security.

    He however appealed to the refinery to extend a hand of fellowship to the IPMAN members in order to also savour the opportunity.

    He said the deregulation policy is the survival of the fittest, which would also make the marketers change their tactics.

    He revealed that owing to the dynamics of the market, most of the Independent marketers have now resorted to round the clock sales.

    “We are re- planning our filling stations to be able to compete with other stakeholders in the industry. We are battle ready for this deregulation. There is no going back,” he added.

  • Dangote’s plan to distribute products will address losses, IPMAN

    Dangote’s plan to distribute products will address losses, IPMAN

    Distribution of petroleum products from the 650,000 barrels per day Dangote Petroleum Refinery will save marketers losses due to price crash.

    Independent Petroleum Marketers Association of Nigeria (IPMAN) National Public Relations Officer, Chief Chinedu Ukadike made this known to The Nation on phone yesterday.

    He said since the refinery would power its 4,000 tankers for the distribution with the Compressed Natural Gas (CNG) which is cheaper, it means the marketers would get it cheaper and vend it cheaper.

    “It will help because with the CNG trucks products will be cheaper in so many areas. And once we the independent marketers get products cheaper we will sell in our filling stations cheaper. So, the cheaper we buy, the cheaper we sell,” he said.

    He further explained that the marketers would now activate their pump prices on the receipt of the products in the retail outlets without incurring losses.

    Ukadike said the fear of price crashing before the product’s arrival at the fuel station has become history.

    He said whenever they place an order, banks would be present to record the price and bear part of the liability in the case of losses.

    He described the new market regime from Dangote as a buffer zone.

    Asked whether distribution of petroleum products by the refinery would address previous losses due to sudden price crash, the IPMAN National PRO said, “Definitely, it will save us because as at the point the product arrives at your filling station, you activate your price.

    “Most of us don’t normally buy products in bulk before we will be able to get trucks to the stations, price will fall.

    “So when we make order and also bring in the banks also giving us credit facilities, when we take credit facilities from the bank, the bank will also bear part of losses because they will see how much we buy the product, how much Dangote is selling to us. So it will be a buffer zone.”

    According to him, the concern of the marketers is energy security and compliance with the deregulation policy.

    He applauded the refinery for the new market strategy of trucking products to willing marketers.

    Read Also: Tinubu: every Nigerian will feel impact of good governance

    Ukadike allayed the fear that the 4,000 tankers would overshadow the independent marketers in the business.

    According to him, 4,000 trucks are negligible compared to the over 50,000 tankers of the IPMAN members.

    He wondered  “what is 4,000 trucks? Independent marketers we have over 50,000 trucks. So 4000 is infinitesimal in the distribution. But it will also aid. So we are not perturbed at all, we are battle ready.”

    Ukadike said IPMAN is at peace with anything that would fasten distribution of petroleum products in the country and ensure energy security.

    He, however, appealed to the refinery to extend a hand of fellowship to the IPMAN members in order to also savour the opportunity.

    He said the deregulation policy is the survival of the fittest, which would also make the marketers change their tactics.

    He revealed that owing to the dynamics of the market, most of the Independent marketers have now resorted to round the clock sales.

    He added that “We are re- planning our filling stations to be able to compete with other stakeholders in the industry. We are battle ready for this deregulation. There is no going back.”

  • Dangote plan to distribute products will address losses, IPMAN 

    Dangote plan to distribute products will address losses, IPMAN 

    Distribution of petroleum products from the 650,000 barrels per day Dangote Petroleum Refinery will save marketers losses due to price crash.

    Independent Petroleum Marketers Association of Nigeria (IPMAN) National Public Relations Officer, Chief Chinedu Ukadike made this known to The Nation on phone on Friday.

    He said since the refinery would power its 4,000 tankers for the distribution with the Compressed Natural Gas (CNG) which is cheaper, it means the marketers would get it cheaper and vend it cheaper.

    “It will help because with the CNG trucks products will be cheaper in so many areas. And once we the independent marketers get products cheaper we will sell in our filling stations cheaper. So, the cheaper we buy, the cheaper we sell,” he said. 

    He further explained that the marketers would now activate their pump prices on the receipt of the products in the retail outlets without incurring losses.

    Ukadike said the fear of price crashing before the product’s arrival at the fuel station has become history.

    He said whenever they place an order banks would be present to record the price and bear part of the liability in the case of losses.

    He described the new market regime from Dangote as a buffer zone.

    Asked whether distribution of petroleum products by the refinery would address previous losses due to sudden price crash, the IPMAN National PRO said, “Definitely, it will save us because as at the point the product arrives at your filling station, you activate your price. 

    “Most of us don’t normally buy products in bulk before we will be able to get trucks to the stations, price will fall.

    “So when we make order and also bringing in the banks also giving us credit facilities, when we take credit facilities from the bank, the bank will also bear part of losses because they will see how much we buy the product, how much Dangote is selling to us. So it will be a buffer zone.”

    According to him, the concern of the marketers is energy security and compliance with the deregulation policy. 

    Read Also: ‘Dangote Refinery’s fuel distribution scheme to cut inflation, boost jobs’

    He applauded the refinery for the new market strategy of trucking products to willing marketers.

    Ukadike allayed the fear that the 4,000 tankers would overshadow the independent marketers in the business.

    According to him, 4,000 trucks are negligible compared to the over 50,000 tankers of the IPMAN members.

    He wondered “what is 4,000 trucks? Independent marketers we have over 50,000 trucks. So 4000 is infinitesimal in the distribution. But it will also aid. So we are not perturbed at all, we are battle ready.”

    Ukadike said IPMAN is at peace with anything that would fasten distribution of petroleum products in the country and ensure energy security.

    He however appealed to the refinery to extend a hand of fellowship to the IPMAN members in order to also savour the opportunity.

    He said the deregulation policy is the survival of the fittest, which would also make the marketers change their tactics.

    He revealed that owing to the dynamics of the market, most of the Independent marketers have now resorted to round the clock sales.

    He added, “We are re- planning our filling stations to be able to compete with other stakeholders in the industry. We are battle ready for this deregulation. There is no going back.”

  • PETROAN rejects Dangote’s entry into petroleum distribution

    PETROAN rejects Dangote’s entry into petroleum distribution

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised strong objections to the entry of the Dangote Refinery into petroleum distribution, warning that the move could create a monopolistic environment and lead to widespread job losses across the petroleum value chain.

    Speaking during a monitored interview, the National President of PETROAN, Dr. Billy Gillis-Harry, described the development as “a national concern,” urging regulators to step in before the sector is overwhelmed by the dominance of a single player.

    “This is not just a PETROAN issue,” Harry said. “It’s a Nigerian concern. Right now, the number of retail outlets in the country are doing business and satisfying the energy requirements of Nigerians. If one company, as massive as Dangote Petroleum Refining Company, is going to refine, store, transport, and retail products, it will wipe out other businesses and result in massive job losses.”

    He added: “We recommended that refining should be left to refineries, storage to depots, logistics to transporters, marketing to marketers, and retail to retailers. That value chain must be protected.”

    The Dangote Group had recently announced plans to deploy 4,000 trucks and establish over 100 compressed natural gas (CNG) stations across Nigeria as part of its downstream expansion. The move, said to be in line with the Federal Government’s energy transition goals, has sparked concern among independent marketers and stakeholders.

    READ ALSO: Tinubu orders speedy execution of approved projects

    Dr. Harry warned that while the expansion may appear beneficial on the surface, its long-term impact could destabilise the market. “It’s going to take off transporters, retail outlet owners, and marketers from business. That affects all the jobs created by these operators in the subsector.”

    Citing decades-old legal frameworks, including the Petroleum Equalization Fund established by Decree No. 9 of 1975 and amended in 1989, the PETROAN president called on regulators to act. “There are rules. No one company should interpret and operationalise what regulators are meant to do.”

    He accused Dangote of failing to consult industry stakeholders before announcing the move. “To my knowledge, there was no discussion with stakeholders. We have communication networks across PETROAN, DAPMAN, IPMAN, NUPENG, NARTO, and others. This announcement came through the media, not through any roundtable.”

    While acknowledging Dangote’s achievements, Harry insisted that inclusivity and sustainability must guide sectoral policies. “Dangote is the pride of Nigeria and Africa, but we need his success to lift others—not shut them out. We want many strong players, not just one strongman.”

    He noted that PETROAN members are already bracing for impact. “Some of our members have 300, 500, even 900 trucks. These are investments made over decades. If Dangote handles everything from refining to retail, these assets will become obsolete.”

    On whether direct distribution by Dangote could lower pump prices, Harry was cautious. “If we become dependent on one source, prices could skyrocket later. We’ve seen that happen in other sectors.”

    He called for urgent dialogue. “We still have up to August 15. Between now and then, stakeholders must meet and agree on a sustainable way forward. We want Dangote’s success—but not at the cost of an entire industry.”

  • Dangote’s decision to distribute petrol, diesel unsettles PETROAN

    Dangote’s decision to distribute petrol, diesel unsettles PETROAN

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) yesterday raised the alarm over Dangote Refinery’s decision to roll out 4,000 trucks to distribute petrol and diesel nationwide from August 15, 2025.

    The association warned that the decision would not only lead to job loss but will plunge the downstream industry into monopoly.

    This was contained in the press statement PETROAN National Public Relations Officer, Dr Joseph Obele issued in Abuja.

    The statement urged the 650,000 barrels per day (bpd) plant to compete globally instead of robbing shoulders with local players

    The statement reads in part: “The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns about Dangote Refinery’s forward integration adoption, warning that it could lead to a monopoly in disguise and pose a significant job loss threat to Nigeria.

    “With a production capacity of 650,000 barrels per day, PETROAN argues that Dangote Refinery should be competing with global refineries, not operating as a distributor in the downstream sector. This massive refinery, one of the largest in sub-Saharan Africa, is expected to satisfy domestic fuel demand and export surplus products.

    “PETROAN has previously raised alarms about Dangote’s intentions to dominate the downstream sector, citing concerns that the company may leverage its market power to fix prices, limit competition, and exploit consumers, much like it has done in other sectors.

    Read Also: PETROAN, IPMAN differ on petrol price adjustment by Dangote

    “PETROAN warns that Dangote’s tactics may include a pricing penetration strategy, where they reduce prices to capture market share, with the ultimate goal of forcing other filling station operators to quit the market.

    “This could lead to a massive shutdown of filling stations across Nigeria, resulting in widespread job losses. The introduction of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers by Dangote Refinery poses a significant threat to the livelihoods of thousands of truck drivers and owners.

    “While CNG trucks may offer a lower cost of transporting petroleum products, this shift could lead to widespread job losses in the industry.

    According to PTROAN, the impact on various stakeholders will include: “Modular Refineries: Their operations and market share may be threatened by Dangote’s dominance.

    “Truck Owners: Job losses and reduced business opportunities may occur due to Dangote’s direct supply and CNG-powered tankers.

    “Filling Station Operators: Many may be forced to shut down due to Dangote’s pricing penetration strategy and dominance.

    “Local Suppliers of Petroleum Products: Their businesses may be negatively impacted by Dangote’s direct supply to end-users.

    “Telecom Diesel Suppliers: Their operations and market share may be threatened by Dangote’s dominance.

    “It is obvious that Dangote plans to gain full monopoly of the downstream sector, which would enable the company to exploit Nigeria’s petroleum consumers.

    “This could lead to higher prices, reduced competition, and decreased economic efficiency.

    “The National President of PETROAN, Dr. Billy Gillis Harry, calls on the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Minister of State for Petroleum to put in place price control mechanisms to prevent any form of monopoly. Dr. Harry emphasises that competition should always be encouraged to protect consumers and promote economic efficiency.

    PETROAN Key Concerns:

    “Monopoly: Dangote Refinery’s dominance could stifle competition.

    “Job Losses: The refinery’s operations could negatively impact employment opportunities.

    “Unfair Market Practices: PETROAN warns that Dangote Refinery’s adoption of forward integration could lead to anticompetitive behaviours.

    PETROAN’s recommendations include; “Promote Competition: Encourage a competitive refining market environment.

    “Regulatory Oversight: Strengthen regulatory agencies to monitor market behavior.

     “Support Local Refineries: Ensure crude oil supply to local refineries.

    “Mitigate Job Losses: Explore alternative livelihoods for affected workers.”

  • Dangote deploys 4,000 CNG tankers for nationwide fuel distribution

    Dangote deploys 4,000 CNG tankers for nationwide fuel distribution

    Dangote Petroleum Refinery yesterday announced the commencement of an initiative designed to transform Nigeria’s fuel distribution landscape from August 15, 2025.

    The refinery, in a statement made available to The Nation, said the Refinery will begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country, with free logistics to boost distribution network.

    To ensure smooth take-off of this scheme, Dangote Refinery said it has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers. This phase of the programme will continue over an extended timeframe.  The refinery is also investing in CNG stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.

    It said this strategic programme is part of its broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability, and supporting Nigeria’s economic development. Besides, it further explained, it is an affirmation of the company’s dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians.

    “Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support. Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and foster economic growth.”

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    Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery.

    “In addition, the refinery will offer a credit facility to those purchasing a minimum of 500,000 litres—allowing them to obtain an additional 500,000 litres on credit for two weeks, under bank guarantee. This pioneering effort marks a major milestone in our vision to revolutionise Nigeria’s energy sector. Dangote Refinery is dedicated to ensuring that no place is left behind. Our goal is to provide equitable access to affordable fuel for all Nigerians, regardless of location, making energy more accessible and sustainable for everyone, wherever they may be,” the statement read.

    According to the statement, the initiative is also “expected to revitalise previously inactive petrol stations, thereby driving job creation, stimulating small and medium-sized enterprises (SMEs), increasing government revenue, improving fuel access in rural and underserved communities, and strengthening investor confidence in Nigeria’s downstream petroleum sector.

    “This initiative is inline with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, reflecting our shared commitment to economic progress, stability, and inclusive development. We sincerely thank the Federal Government for its continued support, especially through the Naira-for-Crude scheme, which has helped stabilise fuel supply amid global price volatility. It marks a major revolution in the midstream and downstream sectors and stands as a key example of President Bola Tinubu’s bold and reformative economic policies,” the firm said.

  • Dangote procures 4,000 CNG-fueled tankers 

    Dangote procures 4,000 CNG-fueled tankers 

    Dangote Petroleum Refinery on Sunday announced its procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country, with free logistics to boost distribution network.

    This was contained in a press statement the refinery issued, noting the plan is scheduled to take-off on the 15th of August 2025, and continue over an extended timeframe, the national initiative was designed to transform Nigeria’s fuel distribution landscape.

    The 650,000 barrels per day plants said 

    said it is also investing in CNG stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.

    According to the refinery, the strategic programme is part of its broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development.

    “It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians.

    “Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support.

    Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and foster economic growth.

    “Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery.

    READ ALSO; Tinubu’s 2027 landscape: Reform, resistance and the road ahead

    “In addition, the refinery will offer a credit facility to those purchasing a minimum of 500,000 litres—allowing them to obtain an additional 500,000 litres on credit for two weeks, under bank guarantee.

    “This pioneering effort marks a major milestone in our vision to revolutionise Nigeria’s energy sector. Dangote Refinery is dedicated to ensuring that no place is left behind.

    “Our goal is to provide equitable access to affordable fuel for all Nigerians, regardless of location, making energy more accessible and sustainable for everyone, wherever they may be.

    “It is expected to revitalise previously inactive petrol stations, thereby driving job creation, stimulating small and medium-sized enterprises (SMEs), increasing government revenue, improving fuel access in rural and underserved communities, and strengthening investor confidence in Nigeria’s downstream petroleum sector.

    “This initiative is inline with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, reflecting our shared commitment to economic progress, stability, and inclusive development.

    “We sincerely thank the Federal Government for its continued support, especially through the Naira-for-Crude scheme, which has helped stabilise fuel supply amid global price volatility.

    “It marks a major revolution in the midstream and downstream sectors and stands as a key example of President Bola Tinubu’s bold and reformative economic policies.

    “We invite marketers, petrol dealers, manufacturers, telecom companies, and all key stakeholders to embrace this landmark initiative,” it said.

  • Dangote to retire as DSR Board chair

    Dangote to retire as DSR Board chair

    Dangote Sugar Refinery Plc (DSR) has announced that its Chairman, Aliko Dangote, will retire from the Board effective June 16.

    The announcement, made through a corporate disclosure to the Nigerian Exchange Ltd., stated that the decision aligns with principles of good corporate governance and succession planning.

    It reads: “Alhaji Aliko Dangote is one of the founding Directors of the Company, and has served with exceptional leadership, integrity, and vision since 2005.

    “Under his leadership, Dangote Sugar Refinery transformed, navigated significant industry developments, delivered consistent shareholders value, and maintained a strong focus on good governance. “His long-term growth is evident by its extensive Backward Integration Projects in Adamawa, Taraba and Nasarawa states.

    Read Also: Dangote: it’s time to start local medicine production, stop medial tourism

    “He also played an instrumental role in shaping the company’s strategy and culture thereby building a robust foundation for growth and sustenance.”

    To ensure a seamless transition, the board also announced the appointment of Mr Arnold Ekpe, currently an independent non-executive director, as the incoming Chairman effective June 16.

    Ekpe is to bring with him a wealth of experience, having held senior leadership roles in the banking sector and other key industries.

    “His strategic acumen, deep understanding of corporate governance, and commitment to stakeholder value make him well-positioned to lead the board as we continue to build on our strong foundations and pursue sustainable growth,” it added.

  • Dangote Petrochemicals gets regulatory nod for listing

    Dangote Petrochemicals gets regulatory nod for listing

    • Refinery-linked shares to open for trading this month

    Dangote Petrochemicals, a spinoff of Dangote Refinery and Petrochemicals, may list its shares on the Nigerian stock market this month, allowing the general investing public to trade on the shares of the company.

    Chairman, Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga confirmed that Dangote Petrochemicals has applied for regulatory approval and could be listed before the end of this month.

    He said the upcoming listing of Dangote Petrochemicals on the Nigerian Exchange (NGX) is expected to strengthen the stock market.

    According to him, the listing is expected to attract significant investment, increase market capitalization, and enhance the overall performance of the NGX.

    He noted that by bringing one of Africa’s largest petrochemical companies to the stock market, the listing is poised to boost investor confidence and drive growth in the Nigerian capital market.

    “Dangote Refinery has already applied for their petrochemical listing, and we are working to ensure their inclusion before the end of the second quarter,” Kwairanga stated.

    He emphasized that the anticipated listing aligns with President Bola Tinubu’s economic agenda, which aims to expand Nigeria’s Gross Domestic Product (GDP) to $1 trillion by 2030.

    Read Also: MSM Group targets multi-billion dollar investment in cement, plans to rival Dangote, others

    According to him, key listings in the oil and gas sector, such as the planned sale of a stake in NNPC Limited and Dangote Petrochemicals, will play a vital role in achieving this goal.

    He highlighted NGX’s commitment to facilitating growth and investment in Nigeria’s financial markets.

    He added that enhanced market participation can drive long-term infrastructure development, improve business formalization, and reflect Nigeria’s true economic potential.

    However, he noted with concern that Nigeria’s stock market capitalization remains below 20 per cent of its GDP, whereas South Africa’s Johannesburg Stock Exchange exceeds its national GDP.

    Kwairanga further stressed the role of digital innovation in increasing market participation, citing the launch of NGX Invest, a digital platform designed to simplify primary market offers and expand financial literacy, particularly among students, youths, and members of the National Youth Service Corps (NYSC).

    He added that NGX is actively engaging institutional investors such as pension fund administrators and mutual funds, while also developing advanced financial products including exchange-traded funds (ETFs) for diversified investment, derivatives to enhance market sophistication, and ethical investment instruments, catering to specific investor preferences.

    Kwairanga highlighted ongoing efforts to integrate African capital markets, enabling investors in Nigeria to trade shares listed on stock exchanges in other African countries such as Ghana, saying that this cross-border linkage aims to create a more connected, robust financial ecosystem across the continent.