NGX, capital market leaders back Dangote fertiliser’s planned listing

The Nigerian Exchange Group (NGX) and key stakeholders have reaffirmed support for the proposed listing of Dangote Fertiliser Limited, describing it as a major milestone for Nigeria’s industrial and capital market development.

According to a statement on Saturday, the commitment followed a strategic visit by the NGX board, management, and market leaders to the Dangote refinery and fertiliser complex in Lagos.

Temi Popoola, group managing director (MD) and chief executive officer (CEO) of NGX Group, said the exchange is well-positioned to mobilise capital for large-scale industrial listings.

“In 2024 alone, Nigerian investors deployed over N2 trillion into the banking sector,” Popoola said.

“With Dangote Fertiliser’s listing, we’re poised to replicate this success, providing the infrastructure and liquidity to drive industrial growth.”

Jude Chiemeka, CEO of Nigerian Exchange Limited (NGX), said the development would further validate the depth of the local capital market.

“This listing will showcase NGX’s ability to attract transformative deals. Our market’s depth, transparency, and investor base ensure seamless execution,” Chiemeka said.

Aliko Dangote, president and CEO of Dangote Group, said the fertiliser business can create long-term value.

“With projected revenues of $20 million daily and $70 billion cumulative earnings potential, this listing will offer investors dollar-denominated returns and long-term value,” Dangote said.

The billionaire emphasised NGX’s role in achieving Nigeria’s $1 trillion economy goal.

Umaru Kwairanga, NGX Group chairman, praised Dangote’s historic market contributions.

“From his leadership at the Exchange to this listing, Alhaji Dangote exemplifies the private sector’s role in market development,” he said.

The statement added that the delegations at the meeting were the CEOs of the Central Securities Clearing System, NGX Regulation, and Lagos Commodities Exchange.

The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) were also represented.

On June 9, Kwairanga said the federal government committed to selling a stake in the Nigerian National Petroleum Company (NNPC) Limited.

The NGX chairman said Dangote Refinery and Petrochemicals would soon be listed on the exchange.