President of Dangote Industries Limited, Aliko Dangote, has commended President Bola Ahmed Tinubu for removing fuel subsidy and reforming Nigeria’s foreign exchange market, describing the measures as bold decisions aimed at repositioning the country’s economy.
Dangote spoke on Monday at the Nigerian Exchange (NGX) in Lagos during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The billionaire businessman said the Dangote Group appreciated Tinubu’s leadership and remained committed to working with the Federal Government to support economic development.
“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate,” Dangote said.
He said the Dangote Refinery was contributing to the administration’s efforts to strengthen the Nigerian economy, adding that the group would continue to cooperate with the government.
“So, we thank you very much for your leadership and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.
Dangote also spoke about his longstanding relationship with the Nigerian Exchange, recalling that he previously served as president of the institution.
He expressed surprise at the progress recorded by the exchange, noting that he had previously worked to attract investors and support efforts to transform it into a world-class capital market.
“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.
The businessman added that a larger ceremony would be held later with President Tinubu expected to attend.
The Dangote Refinery IPO opened on Monday, offering 4.1 billion new ordinary shares at N525 per share.
The minimum subscription is 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
