Dangote thanks Tinubu for fuel subsidy removal, FX reforms

The President of Dangote Industries Limited, Aliko Dangote, has thanked President Bola Tinubu for taking what he described as bold steps, including the removal of the fuel subsidy and the liberalisation of the foreign exchange market.

Dangote spoke on Monday at the Nigerian Exchange in Lagos, where he formally launched the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.

The businessman also commended Tinubu’s leadership and said the Dangote Refinery was supporting the administration’s efforts.

“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 Group would continue to partner with the government to contribute to Nigeria’s development.

“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, a former president of the Nigerian Exchange, also expressed surprise at the transformation of the bourse, saying he had not expected it to reach its current level.

“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.

He added that a larger ceremony would be held with Tinubu in attendance.

The refinery’s IPO, which opened on Monday, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer is scheduled to close on 13 October 2026, subject to the terms of the prospectus.