The President of Dangote Industries Limited, Aliko Dangote, has said Nigerians who buy and hold shares of Dangote Petroleum Refinery and Petrochemicals could potentially become millionaires within one or two years.
Dangote made the projection during an interview with Arise TV on Tuesday while discussing the refinery’s initial public offering (IPO) on the Nigerian Exchange.
The refinery is offering its shares at N525 each, but Dangote expressed optimism that the price could eventually climb to between N5,000 and N10,000, depending on market conditions.
When asked whether he expected the shares to reach N10,000, Dangote responded, “I pray so, yes.”
He explained that shares could experience substantial price appreciation after listing, citing instances where stocks initially offered at N100 later traded at N1,000.
Dangote said such an increase in the refinery’s share price could significantly boost the value of investments made by retail investors.
“So, at least what you are looking at, if you invest something like maybe N100,000, within one year, two years or so, you are talking about becoming a millionaire,” he said.
He, however, encouraged shareholders to hold on to their investments rather than sell prematurely, saying investors could benefit from dividends over time.
“So, why do you want to sell it? You remain there, you will be collecting money,” he said.
Dangote also said dollar-denominated dividends could provide investors with some protection against potential depreciation of the naira.
He explained that investors receiving dividends in dollars would be better positioned to meet expenses denominated in foreign currencies, including education costs for children studying abroad.
The comments came as investors continued to show strong interest in the refinery’s N2.15tn IPO, which opened on the Nigerian Exchange on Monday.
The offer 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, 2026, and is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
According to him, the offering would enable Nigerians and other Africans to become part owners of a major industrial asset while participating in the wealth created by the business.
Dangote also disclosed plans to take more companies within the Dangote Group to the capital market, saying the refinery listing was the beginning of a broader strategy.
He said the group intended to eventually list all its operating companies and use the Nigerian Exchange as a base for potential dual listings on international exchanges.
“We, as a group, will list every single company that will operate,” he said.
The businessman said the group’s market capitalisation could exceed $350bn by 2030 if it achieved a 10-times price-to-earnings valuation.
Dangote said the refinery’s listing represented an opportunity for Nigerians to participate directly in the expansion of one of the country’s largest industrial investments.
He highlighted the refinery’s contributions to job creation, foreign exchange conservation, energy security and industrial development as some of the benefits of the project.
The refinery is said to have generated approximately N19.47tn in revenue during the first half of 2026, while its profit after tax stood at N2.55tn.