₦100,000 Refinery Investment Can Make Investors Millionaires In 2 Years: Dangote

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. '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, and said investors who receive dividends in dollars could be better protected against the effects of naira depreciation.

The comments came after investors flooded the Nigerian Exchange on Monday as the 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; minimum subscription is 10 shares (N5,250); the offer opened September 14, 2026 and closes October 13, 2026. The refinery generated approximately N19.47 trillion in revenue in H1 2026, with profit after tax of N2.55 trillion; at the offer price the refinery is expected to have an implied market capitalisation of about N65.22 trillion.

Bloomberg said Dangote's net worth could rise to as much as $58.2 billion following the IPO. The Ooni of Ife, NGX chairman Umaru Kwairanga, Lagos governor Sanwo-Olu and Refinery CEO David Bird all spoke at the launch of the 'People's IPO'.