Buy Dangote Refinery Shares and Become a Millionaire in 2 Years — Dangote Tells Investors

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.

Dangote stated this 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 refinery shares are being offered at N525 each, but Dangote expressed optimism that the price could rise to between N5,000 and N10,000.

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 replied, “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, 10,000, 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.”

Dangote urged investors to hold 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.

He also said investors who receive dividends in dollars could be 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 because your dividend, you will be collecting in dollars,” he said.

The comments came after investors flooded the NGX on Monday as the Dangote Refinery 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. The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026. It 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.

He noted that 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.

“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 $350 billion,” he stated.

Dangote said the NGX 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,” he said.

Dangote disclosed that the refinery generated approximately N19.47 trillion in revenue in the first half of 2026, while profit after tax stood at N2.55 trillion.

At the offer price of N525 per share, the refinery is expected to have an implied market capitalisation of about N65.22 trillion.

Meanwhile, a Bloomberg report said Dangote’s net worth could rise to as much as $58.2 billion following the IPO, an increase of about $22.9 billion from his estimated wealth of $35.3 billion, 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.

“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 commended the accessibility of the offer, noting that the N5,250 minimum entry point allows retail investors to participate in national wealth creation.

The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery has become the largest single supplier of refined petroleum products into Europe while maintaining safe, reliable and efficient operations.