NIGERIA — Dangote Industries Limited President Aliko Dangote stated that investors buying shares in Dangote Petroleum Refinery and Petrochemicals could become millionaires within one to two years if the share price rises from its N525 ($0.33) offer price to between N5,000 ($3.13) and N10,000 ($6.25).
Speaking in an interview aired on Tuesday, September 15, 2026, on Arise TV, the business leader addressed the company’s initial public offering on the Nigerian Exchange. Okay News reports that Aliko Dangote advised investors to hold their shares long-term to collect dividends, adding that foreign currency dividend payments would cushion investors against naira devaluation.
The N2.15tn ($1.34bn) initial public offering opened on the NGX trading floor in Marina, Lagos, on Monday, September 14, 2026, and is scheduled to close on Tuesday, October 13, 2026. The offer comprises 4.1 billion ordinary shares at N525 ($0.33) per share, with a minimum subscription of 10 shares valued at N5,250 ($3.28).
Aliko Dangote noted that the listing forms part of a strategy to list all operating subsidiaries within the Dangote Group, projecting a group market capitalization of at least $350bn by 2030 based on a 10 times price-to-earnings ratio. He added that the primary listing on the Nigerian Exchange will serve as a foundation for future dual listings on global exchanges.
Financial figures disclosed by Aliko Dangote show the refinery generated N19.47tn ($12.17bn) in revenue in the first half of 2026, alongside a profit after tax of N2.55tn ($1.59bn). At the N525 ($0.33) offer price, the asset holds an implied market capitalization of N65.22tn ($40.76bn).
Bloomberg reported that the offering could raise the net worth of Aliko Dangote to $58.2bn, an increase of $22.9bn from his current estimated wealth of $35.3bn on the Bloomberg Billionaires Index.
NGX Group Chairman Umaru Kwairanga described the transaction as a defining milestone for capital markets in Africa. Lagos State Governor Babajide Sanwo-Olu and the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, both noted that the low entry barrier allows retail traders, artisans, and small business owners to acquire ownership in national assets.
Dangote Petroleum Refinery Chief Executive Officer David Bird stated that the facility has become the largest single supplier of refined petroleum products into Europe while maintaining operations toward its Vision 2030 goal of becoming the world’s largest integrated refinery and petrochemical complex.
