President of Dangote Industries Limited, Aliko Dangote, has said investors who buy and hold shares in Dangote Petroleum Refinery and Petrochemicals could become millionaires within one or two years if the company’s share price appreciates significantly.
Dangote made the statement in an interview with Arise TV aired on Tuesday while speaking on the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).
The Dangote Refinery shares are being offered at N525 each, but Dangote expressed 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.”
When asked if 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 urged investors to hold on to their shares rather than sell prematurely, saying they could benefit from dividends over time.
“So, why do you want to sell it? You remain there, you will be collecting money,” he said.
The billionaire businessman also said investors who receive dividends in dollars could be better protected against the effects of 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.”
The comments came after investors flooded the Nigerian Exchange on Monday as the Dangote Petroleum Refinery and Petrochemicals IPO attracted billions of naira in subscriptions shortly after opening.
The N2.15 trillion IPO comprises 4.1 billion ordinary shares offered at N525 per share.
The minimum subscription is 10 shares, valued at N5,250, while 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.
“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.
Dangote said the refinery IPO marked the beginning of a broader plan to list more companies within the Dangote Group.
“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 intended to list all its operating companies in the future.
“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 serve as the primary platform from which the group could pursue dual listings on other global 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.
