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 rises as projected.
Dangote stated this in an interview with Arise TV, monitored by The News Chronicle, on Tuesday, while discussing the refinery’s initial public offering on the Nigerian Exchange.
The refinery’s shares are being offered at N525 each, with Dangote expressing optimism that the price could rise to between N5,000 and N10,000, depending on market conditions.
Asked whether he expected the N525 offer price to rise to about N10,000, Dangote said, “I pray so, yes.”
Explaining the potential returns, 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.”
Dangote added, “But our own, it will get to maybe 5, 10,000, 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.”
He urged investors not to sell their shares prematurely, saying they could continue to benefit from dividends.
“So, why do you want to sell it? You remain there, you will be collecting money,” he said.
Dangote also said investors who receive dividends in dollars could be better protected against naira depreciation.
“And, at a point when you have your kids studying abroad, 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.”
The N2.15tn initial public offering comprises 4.1 billion ordinary shares offered at N525 per share. The minimum subscription is 10 shares, valued at N5,250.
The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
The offer is open to retail, institutional and eligible African investors.
Dangote had urged Nigerians, including teachers, artisans, civil servants and students, to invest in the refinery, describing the IPO as an opportunity for ordinary Nigerians and Africans to become part owners of the asset.
He said the IPO was also the beginning of a broader plan to list more companies within the Dangote Group.
“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 $350bn,” he said.
Dangote disclosed that the refinery generated approximately N19.47tn in revenue in the first half of 2026, while profit after tax stood at N2.55tn.
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At the offer price of N525 per share, the refinery is expected to have an implied market capitalisation of about N65.22tn.
Meanwhile, a Bloomberg report estimated that Dangote’s net worth could rise to as much as $58.2bn following the IPO, representing an increase of about $22.9bn from his estimated wealth of $35.3bn, according to the Bloomberg Billionaires Index.
The Chairman of NGX Group, Umaru Kwairanga, described the transaction as a defining milestone for Africa’s capital markets and evidence of the capacity of African capital to finance large-scale projects.
Lagos State Governor, Babajide Sanwo-Olu, said the IPO would create investment opportunities for a broad range of Nigerians, while the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, commended the accessibility of the offer.
The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery had become the largest single supplier of refined petroleum products into Europe and remained focused on achieving its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
