Dangote vows to list more companies on the Nigerian Capital Market

Africa’s richest man and the president of Dangote group, Alhaji Aliko Dangote said he would be listing more companies from the group on the floor of the Nigerian Stock Exchange in the coming months.

Dangote gave this assurance while sounding the closing gong to commemorate his 60th birthday anniversary on the floor of the exchange in Lagos on Monday.

He stated that Nigerians will be given the opportunity to be shareholders in his refinery billed to be launched in 2019 as well as every other company he establishes under the Dangote Group of Companies.

Speaking with the capital market correspondents, Dangote said “we will continue to work with the federal government and other partners to diversify the economy and spread prosperity to Nigerians.”

While commending governments effort on the diversification of the economy, Dangote argued that several agricultural schemes being embarked on by the government were set to take the nation out of the current economic recession and create better wealth for the Nigerian citizens.

According to him, “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.”

On his 650,000 barrel-per-day refinery project which is the Largest in Africa, the former president of the exchange noted that it will help Nigeria deal 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 is no more shipment of crude to stem the deficit in supply.

Dangote was also full of praises for the management and staff of the exchange over the demutualisation of the Nigerian Stock Exchange. He 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 further expressed his desire to see the Nigerian Stock Exchange evolve and become as big as South Africa’s Johannesburg Stock Exchange (JSE) in a couple of years, and the worst case to be number two in Africa.

The richest black man also commended the market operators whom he noted had contributed a lot to the growth of Dangote Group.

President of Association of Stockbroking Houses of Nigeria (ASHON), Mr. Rasheed Yussuf who responded on behalf of the stockbrokers notes that the decision to celebrate his birthday with the capital market community is a testimony to the mutually beneficially relationship which has been involved over the years between Dangote, brokers and capital market in generally.”

He was full of encomiums for the business mogul noting that “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 therefore called on him to ensure the new projects currently being undertaking in the country by the group such as fertiliser plant, refinery plant, agricultural projects among others are also be listed.

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