President of Dangote Industries Limited, Aliko Dangote, has said investors who buy and retain 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 statement in an interview with Arise TV aired on Tuesday while discussing the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).
The shares are being offered at N525 each, but Dangote expressed optimism that the price could eventually rise to between N5,000 and N10,000, depending on market conditions.
Asked if he expected the N525 offer price to reach about N10,000, Dangote said, “I pray so, yes.”
When asked whether that was his prediction, he said, “Yeah, it can get up to that, you know, depending on where, you know. I’ve seen shares listed at 100; they go to 1,000.”
He added, “But our own, it will get to maybe 5, 10,OOO, you know. So, at least what you are looking at, if you invest something like maybe N100,000, you know, within one year, two years or so, you are talking about becoming a millionaire.”
Dangote also encouraged investors not to rush to sell their shares, saying shareholders could continue to benefit from dividends by holding their investments.
“So, why do you want to sell it? You remain there, you will be collecting money,” he said.
The businessman further explained that receiving dividends in dollars could help investors protect their wealth against possible naira depreciation.
“And, at a point when you have your kids studying abroad, even if there is devaluation of the currency, even if there is devaluation of the currency, you are safe,” he said.
“You are safe because your dividend, you will be collecting in dollars.”
His comments followed strong investor interest in the refinery’s IPO after the offer opened on the Nigerian Exchange on Monday, attracting billions of naira in subscriptions shortly after trading began.
The N2.15 trillion IPO consists of 4.1 billion ordinary shares offered at N525 each.
The minimum subscription is 10 shares, costing N5,250. The offer opened on September 14, 2026, and is expected to close on October 13, 2026, subject to the terms outlined in the prospectus.
Retail, institutional and eligible African investors are allowed to participate in the offer.
Dangote had earlier encouraged Nigerians, including teachers, artisans, civil servants and students, to invest in the refinery, describing the IPO as a chance for ordinary Nigerians and Africans to own a stake in the major industrial asset.
“The Dangote refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability, and significant value to the economy,” he said.
According to Dangote, the refinery IPO is also the first step in a wider plan to take more companies within the Dangote Group to the capital market.
“We fully share all our prosperity with the people. That’s why we call this a ‘People’s IPO.’ We know the journey has actually just started. It’s not only about the refinery,” he said.
He added that the group planned to eventually list all its operating companies.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350billion,” he stated.
Dangote said the Nigerian Exchange would provide the foundation for potential dual listings on international exchanges.
“From this exchange, then we can go to any other place. Nigeria and Africa are our base. We want to make sure that we join our continent,” he said.
Describing the IPO as a major opportunity for Nigerians to participate in the growth of the refinery, Dangote said, “We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity.”
Dangote disclosed that the refinery recorded approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax stood at N2.55 trillion.
At the N525 offer price, the refinery is expected to have an implied market capitalisation of approximately N65.22 trillion.
Meanwhile, Bloomberg reported that Dangote’s net worth could rise to as much as $58.2 billion following the IPO. The figure represents an increase of about $22.9 billion from his estimated wealth of $35.3 billion, according to the Bloomberg Billionaires Index.
Dangote said the IPO was created to give Nigerians and other investors an opportunity to participate in the company’s growth.
“We, as Nigerians and Africans, must be bold and lead the change to develop our economies; only then will the others take us very seriously, only then we’ll be in a position to negotiate and walk away with terms we deserve, not those terms that are given to us,” he said.
The Chairman of NGX Group, Umaru Kwairanga, described the transaction as a major milestone for Africa’s capital markets and a demonstration of the ability of African capital to support large-scale projects.
Lagos State Governor, Babajide Sanwo-Olu, said the IPO would open investment opportunities to Nigerians across different sectors of society.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, also praised the accessibility of the offer, saying the N5,250 minimum entry point would enable retail investors to take part in national wealth creation.
The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery had emerged as the largest single supplier of refined petroleum products into Europe while maintaining safe, reliable and efficient operations.
Bird added that the company remained committed to its Vision 2030 target of becoming the world’s largest integrated refinery and petrochemical complex.
Source: Arise TV
