President of Dangote Industries Limited, Aliko Dangote, has said shares of the Dangote Petroleum Refinery currently offered at ₦525 per unit could appreciate significantly in the coming years.
Dangote made the disclosure on Friday during an engagement with investors in Lagos, where he outlined the structure of the refinery’s planned Initial Public Offering.
According to him, the refinery is offering 4.1 billion shares to the public at ₦525 each. The offer, which has a minimum subscription of 10 shares, is expected to raise more than ₦2 trillion.
The business mogul assured small-scale investors that they would be prioritised in the allocation of shares under the IPO, a move he said was designed to broaden ownership.
Dangote explained that retail investors seeking to buy shares worth ₦50,000, ₦100,000 and other smaller amounts would be given preference over large institutional investors.
He noted that the decision was aimed at ensuring that ordinary Nigerians benefit directly from one of the largest industrial projects on the continent.
The refinery, located in Lekki, Lagos, is Africa’s largest single-train petroleum refinery and is expected to play a major role in Nigeria’s energy security and foreign exchange savings.
Dangote said the IPO would not only provide capital for expansion but also create wealth for Nigerians who invest early in the project.
He further announced that shareholders would have the option of receiving dividends in either naira or dollars, depending on their preference.
According to him, the dual-currency dividend option was introduced to help investors hedge against the effects of currency depreciation.
It was noted that the offer could attract significant interest from both domestic and foreign investors given the strategic importance of the refinery to Nigeria’s downstream sector.
Financial gurus also believe that allowing dividend payments in dollars could make the shares more attractive to Nigerians in the diaspora and institutional funds looking for dollar-denominated returns.
Dangote expressed confidence that the refinery would deliver strong returns to shareholders, adding that the project represents a turning point for Nigeria’s manufacturing and energy landscape.
The Dangote Group said subscription details and timelines for the IPO will be communicated through the Nigerian Exchange and appointed issuing houses in the coming weeks. Officials added that digital platforms will be deployed to make it easier for retail investors across the country to participate without bottlenecks.
Industry stakeholders have described the planned listing as a landmark for Nigeria’s capital market, noting that it could deepen liquidity and set a new benchmark for large-scale industrial listings They said the refinery’s capacity to process 650,000 barrels per day positions it to generate steady cash flow once fully ramped up.
The wider public ownership of the refinery could help reduce public criticism and increase transparency around pricing and operations. They argued that giving Nigerians a direct stake aligns with global best practice for mega infrastructure projects and could boost public support for the venture.
