Prominent investors and market stakeholders in Nigeria are making a strong appeal to Africa's richest man, Aliko Dangote, to list his monumental $20 billion petroleum refinery on the Nigerian Exchange Limited (NGX). This move, they argue, would democratize ownership of the strategic asset, allowing ordinary Nigerians to buy shares and benefit from its profits.
Shareholders' Association Leads the Call
The public call was spearheaded by Dr. Faruk Umar, the President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS). Speaking on behalf of the investment community, Umar highlighted that listing the refinery would enable citizens to earn dividends and enjoy capital gains from one of Nigeria's most significant industrial projects.
Umar praised Dangote's enduring commitment to Nigeria's economic development, noting his investments span critical sectors and have driven job creation and nationwide industrial growth. The Dangote Group already has three companies listed on the NGX: Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc.
Refinery's Impact on Economy and Fuel Stability
The investors directly linked the Dangote Petroleum Refinery to recent economic stability, particularly in the energy sector. For the first time in recent years, Nigerians celebrated the December festive period without the typical fuel scarcity or extreme price hikes.
This improved fuel availability has led to lower transportation and energy costs, contributing to a noticeable moderation in inflationary pressures across the economy. The refinery, which currently meets all of Nigeria's domestic demand for diesel and jet fuel, also has surplus capacity for export.
Umar also pointed to the refinery's expansion plans, including a partnership with Honeywell International Inc. to increase processing capacity to 1.4 million barrels per day. Further plans to boost polypropylene and urea production are expected to provide critical support to Nigeria's manufacturing and agricultural sectors.
Philanthropy and a Model for Local Investment
Beyond business, Umar highlighted Dangote's philanthropic efforts, specifically referencing the recently launched N1 trillion Dangote Education Trust, designed to support approximately 1.3 million students over the next decade. This initiative underscores a philosophy where wealth creation is tied to tangible social welfare and long-term national development.
Umar described Aliko Dangote as Nigeria's largest indigenous investor, commending him for reinvesting wealth within the country rather than holding assets overseas. He urged Dangote to continue exploring investments in steel, healthcare, infrastructure, and agriculture, and called on other wealthy Nigerians to follow this example of domestic economic commitment.
This appeal aligns with previous statements from Aliko Dangote himself, who has expressed plans to eventually list the refinery on the stock exchange. Dangote has previously addressed concerns about monopolizing the downstream petroleum market, urging the public not to use such fears to undermine local investment and industrial growth in Nigeria.
