Dangote hails Tinubu over subsidy, FX reforms

LAGOS — President of Dangote Industries Limited, Aliko Dangote, has commended President Bola Ahmed Tinubu for removing fuel subsidy and reforming the foreign exchange market, describing the measures as bold steps towards repositioning Nigeria’s economy.

Dangote spoke on Monday at the Nigerian Exchange (NGX) in Lagos while formally launching the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The billionaire businessman said the Dangote Group appreciated Tinubu’s leadership and would continue to partner with the Federal Government to promote 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 economy and expressed the group’s readiness to continue working 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 reflected on his relationship with the Nigerian Exchange, saying he had previously served as president of the institution.

He expressed surprise at the level of development attained by the exchange, recalling his earlier efforts to attract investors and support its transformation 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 with President Tinubu in attendance.

The Dangote Refinery IPO opened on Monday and offers 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.