Africa’s richest man, Aliko Dangote, has unveiled an ambitious plan to transform Nigerians from consumers of his petroleum products into shareholders in the Dangote Petroleum Refinery, targeting as many as 10 million investors through the company’s landmark initial public offering (IPO).
Dangote, who described the offer as a “People’s IPO,” said the objective was to broaden ownership of the refinery and enable ordinary Nigerians to participate in the potential wealth that could emerge from its long-term performance.
Speaking in an exclusive interview with ARISE News’ Ojy Okpe, Dangote urged prospective investors to approach the offer with a long-term outlook rather than expecting immediate returns from the shares.
He said an investment of about ₦100,000 could potentially grow substantially over one or two years if the refinery performs strongly and its share price appreciates, although such returns would depend on market performance.
The businessman also projected that the refinery’s shares could eventually trade at ₦5,000, ₦10,000 or higher, while stressing the potential of the business to generate revenues in dollars and possibly provide investors with dollar-linked dividends.
The IPO involves 4.1 billion shares priced at ₦525 each, giving the offer a potential value of about ₦2.15 trillion. Retail investors can participate with a minimum subscription of 10 shares, costing ₦5,250.
Dangote said the proposed broad ownership structure was intended to extend the benefits of the refinery beyond its promoters, particularly by giving Nigerian families an opportunity to build and hold an investment that could potentially appreciate over time.
He further argued that the refinery’s exposure to dollar-denominated revenues could make the investment attractive to Nigerians seeking assets capable of providing some protection against the impact of naira depreciation.
The comments, reported from an exclusive ARISE News interview, come as the refinery’s IPO opens a new chapter in the ownership structure of one of Nigeria’s most significant private-sector industrial projects.
