President of Dangote Industries Limited, Aliko Dangote, has said investors who buy and hold shares in Dangote Petroleum Refinery and Petrochemicals could potentially become millionaires within one or two years if the company’s share price rises significantly.

Dangote made this statement in an interview with Arise TV aired on Tuesday while discussing the refinery’s initial public offering on the Nigerian Exchange.

The refinery’s shares are being offered at N525 each, with Dangote expressing optimism that the price could eventually 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.”

Pressed on whether 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, 10,000, 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 not to sell their shares 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 earned dividends in dollars could be better protected against naira depreciation.

“And, at a point when you have your kids studying abroad, even if there is devaluation of the currency, of the naira, you are safe,” he said.

“You are safe because your dividend, you will be collecting in dollars.”

PUNCH Online had reported that investors flooded the Nigerian Exchange on Monday as the initial public offering of Dangote Petroleum Refinery and Petrochemicals attracted billions of naira in subscriptions within minutes of its opening.

The N2.15tn IPO, formally opened at the NGX trading floor in Marina, Lagos, 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 offer 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 IPO was also 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 $350bn,” he stated.

Dangote also 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.

He described the IPO as an opportunity for Nigerians to participate in the growth of a major industrial asset.

“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated.

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

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

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

Dangote said the IPO was designed to give Nigerians and other investors an opportunity to participate in the business.

“We, as Nigerians and Africans, must be bold and lead the change to develop our economies; only then will the others take us very seriously, only then we’ll be in a position to negotiate and walk away with terms we deserve, not those terms that are given to us,” he said.

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 allowed retail investors to participate in national wealth creation.

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

Bird added that the company remained focused on achieving its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.