Dangote refinery plans dividend payment in dollars

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 dividend 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 underway.(the cable)