Shareholders Commend Dangote’s Transformational Impact on Nigeria’s Economy

Kayode Tokede

Shareholders have said the commitment of President of Dangote Group, Aliko Dangote to investing in Nigeria has a transformational impact on the Nigerian economy with visible positive multipliers on the lives of average Nigerians.

In a review at the weekend, shareholders said Dangote’s business trajectory from the outset to the current state as one of the continent’s biggest manufacturers and largest petroleum refiner has been a journey of patriotism, dedication and love for one’s fatherland and the people.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, who spoke on behalf of the shareholders cited the sustained trend in disinflation partly due to reduction in transport and energy costs as evidence of Dangote’s direct impact on the wellbeing of the economy and Nigerians generally.

Citing the sharp reduction in retail price of petrol, Umar said the $20 billion Dangote Refinery has not only placed Nigeria on the global map as world’s largest single-train refinery, but has tremendously improved Nigerian economic space.

According to him, the recent partnership between Dangote Group and Honeywell International Inc to expand the daily processing capacity of the Dangote Petroleum Refinery to 1.4 million barrels per day (mbpd) was another evidence of Dangote’s continuing commitment to Nigeria despite the challenges.

He outlined that such expansions in polypropylene capacity to 2.4 million metric tons annually and urea production capacity from three million metric tons to nine million metric tons annually would have overwhelming positive impact on the country’s manufacturing and agriculture sectors.

“What we are seeing is a man who has consistently demonstrated his love and trust in his country. Whether at the capital market where he has some of the largest companies or the labour market where he stands out as major employer of labour or in the nationwide spread of manufacturing plants, one thing is consistent about Dangote- the welfare of Nigerians and Nigeria is at the topmost of his mind,” Umar said.

He urged Dangote to quicken the process of listing of the refinery at the Nigerian Exchange (NGX) to extend his tradition of opening up wealth to ordinary Nigerians.

He said providing Nigerians opportunity to be co-owners by buying shares of the refinery would be another way to empower the people, citing the significant capital gains and dividends that have consistently been delivered by Dangote’s listed companies.

The Dangote Group currently has three listed companies on the NGX including Dangote Cement Plc, Dangote Sugar Refinery Plc and NASCON Allied Industries Plc. Dangote Cement, valued at over N8 trillion, has paid more than N3.3 trillion as cash dividends to shareholders over the past 15 years.

Faruk pointed at the recent launch of the N1 trillion Dangote Education Trust by the Aliko Dangote Foundation (ADF) as a further demonstration of the large heartedness of the Africa’s richest man.

He said: “Dangote has shown in the running of his companies and activities of ADF that wealth should be for the purpose of the wellbeing of the people. The N1 trillion Education Trust is a massive boost to the future of the country as education is the main enabler for socio-economic development.

“You know that ADF, since incorporation in 1994, has been making steady financial supports to healthcare, food, empowerment, sustainability and humanitarian activities. Now, you have 1.3 million students as potential beneficiaries of the N1 trillion fund over the next 10 years. There’s nothing like that before in Nigeria, that’s a record in philanthropy,” Umar said.

He urged Dangote to continue investing in Nigeria by exploring other opportunities in steel, healthcare, infrastructure, agriculture and other wide-impact sectors.

Umar called on other wealthy Nigerians to emulate Dangote and use Nigeria as cornerstone of their investments and businesses.