Dangote: Refinery IPO Offers Chance to Build Wealth Through Shares
President of Dangote Industries Limited, Aliko Dangote, has said investors who buy and hold shares in Dangote Petroleum Refinery and Petrochemicals could potentially become millionaires within one or two years if the company’s share price records significant growth. Dangote made the projection during an interview with Arise TV while discussing the refinery’s initial public offering on the Nigerian Exchange. The shares are being offered at N525 each, with Dangote expressing optimism that the price could eventually rise to between N5,000 and N10,000, depending on market conditions. Asked whether he expected the offer price to reach N10,000, Dangote said it was possible, citing instances where shares had risen substantially after listing. He added that an investor who puts about N100,000 into the refinery could potentially become a millionaire within one or two years if the share price performs as projected. Dangote, however, urged investors not to sell prematurely, saying shareholders could benefit from dividends over time. He also noted that dollar-denominated dividends could provide some protection against the impact of naira depreciation for investors with foreign-currency expenses.
The N2.15 trillion initial public offering comprises 4.1 billion ordinary shares priced at N525 each, with the minimum subscription set at 10 shares, valued at N5,250. The offer opened on September 14 and is scheduled to close on October 13, subject to the terms of the prospectus, with retail, institutional and eligible African investors allowed to participate. Dangote described the transaction as a “People’s IPO”, saying it was intended to give Nigerians and other Africans an opportunity to own part of a major industrial asset. He also disclosed that the refinery generated approximately N19.47 trillion in revenue in the first half of 2026, while profit after tax stood at N2.55 trillion. Dangote said the IPO was part of a wider plan to list more companies within his business group, with the Nigerian Exchange serving as the base for possible dual listings on international exchanges. He said the refinery’s listing would help broaden participation in wealth creation while supporting Nigeria’s energy security, industrial development and capital market growth.
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