Dangote Promises to List, Refinery, Fertiliser Firms on NSE

President, Dangote Group, Alhaji Aliko Dangote yesterday promised capital market stakeholders that Dangote Refinery and other new companies being created under the Dangote group would be listed on the Nigerian Stock Exchange (NSE) as a way of spreading prosperity to more Nigerians.

Dangote, who is a former President of the NSE, made this promise at the exchange when he sounded the closing gong as part of activities to celebrate his 60th birthday.

Four companies in the Dangote Group-Dangote Cement, Dangote Sugar Refinery, Dangote Flour Mills, and NASCON Allied Industries Plc-are already listed on the NSE. The companies, with a market capitalisation of N2.923 trillion, represent about 33 per cent of the total capitalisation of listed equities.

However, determined to further spread his wealth to more investors through the stock market, Dangote said he would list the refinery, petrochemical, and fertilizer companies that would soon come into operations..

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

“We will list every single company that will be created by Dangote Group of companies under me. Very soon, we will start having our annual general meetings in stadium not halls due to the large shareholders we will be targeting. We will be having up to two million shareholders in the next 10 years,” he said.

He commended the stockbroking community, saying the support from the market has helped the group in a very tremendous way.

Responding on behalf of the capital market community, the former Chairman of the Association of Stockbroking Houses of Nigeria (ASHON), Alhaji Rasheed Yussuf commended the contributions of the Dangote to the growth and development of the Nigerian capital market.

He said his decision to celebrate his birthday with the capital market community is a testimony to the mutually beneficially relationship between Dangote, brokers and capital market in generally.

Although he noted that the tenure of Dangote as the president of NSE was the most challenging period for the capital market, Dangote worked to ensure stability in the market.

According to him, the NSE was faced with a serious management succession crisis, while the market contended with the ravaging margin loans crisis.

“In the midst of these, Dangote worked tirelessly with ASHON, leveraging on his contacts which led to the setting up of Asset Management Company of Nigeria (AMCON) and eventual resolution of the margin loans problem,” Yusuf said.