Aliko Dangote, chairman of the Dangote Group, says his refinery will pay dividends in dollars when it gets listed on the stock exchange.
Dangote spoke on Thursday at the unveiling of Dangote
Group’s ‘$100bn Vision 2030: Accelerating Africa’s Industrialization’.
The billionaire said the company is working with the
Nigerian Exchange (NGX) and the Securities and Exchange Commission (SEC) to
facilitate the foreign currency dividends payment.
He said the conglomerate is targeting $100 billion in annual
revenue by 2030, a scale that would place it “among the top 100 companies in
the world”.
“By 2030, the Dangote Group will become a $100 billion
revenue enterprise,” he said.
“When we get there, we will be one of the 100 top companies
in the world. We will also have approximately over $200 billion market
capitalisation because we intend to list.
“And in our listing, even in Nigeria, when we list the
refinery, by the grace of God, we’re working with NGX and the SEC to make sure
that we will be paying our dividends in dollars.
“… and I am sure the most honourable minister of finance and
coordinating minister of economy will give approval to that.”
Dangote said the dividend payments will not come from the
Central Bank of Nigeria (CBN), noting that ongoing projects — including the
fertiliser business — will generate about $6.4 billion in revenue inflows for
the country.
“So we will have enough money to pay for dividends in
dollars,” he added.
The group chairman said the company’s vision is to lead
Africa’s industrial transformation by building globally competitive businesses
that make the country self-sufficient and prosperous.
“Our mission is to build and operate world-class businesses
that transform Africa’s business into essential products, creating jobs, value
and self-sufficiency across the continent,” the industrialist said.
He noted that the vision and mission outlined are not
“merely inspirational language” but a specific, measurable, and achievable
roadmap that is already underwayax.
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