President of Dangote Industries Limited, Aliko Dangote, has projected that the Dangote Petroleum Refinery and Petrochemicals will become Africa’s biggest company within the next three years, citing the refinery’s profitability and growth prospects.
Dangote said the refinery’s initial public offering (IPO) is also designed to broaden ownership of the business, with the company targeting as many as 10 million shareholders and prioritising small investors in the allocation process.
Speaking in an interview with ARISE News, Dangote said the company’s growth could exceed current expectations, adding that its profitability was already raising questions about the need for an IPO.
“This company will grow beyond people’s imagination,” he said, explaining that the share offer was intended to democratise participation in the Nigerian capital market and enable Nigerians from different backgrounds to become shareholders.
The refinery is seeking to raise about $1.6 billion through the IPO, which comprises 4.1 billion ordinary shares offered at ₦525 per share. The minimum subscription is 10 shares, valued at ₦5,250.
Dangote said the company would give priority to smaller investors during the offer, before considering applicants seeking to acquire large blocks of shares.
“We are going to prioritise small shareholders. We will serve all small-scale stakeholders first, before considering individuals who want to buy large blocks of shares,” he said.
The IPO opened on the Nigerian Exchange on September 14 and is scheduled to close on October 13, 2026. It is available to retail, institutional and eligible African investors.
The ₦2.15 trillion offer marks the first time a petroleum refinery has been offered to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.
Dangote also linked the planned expansion of the shareholder base to the company’s future corporate engagements, saying the scale of participation could change how the company conducts its annual general meetings.
He said the company did not intend to hold its annual general meeting in a hotel, but wanted to eventually use a stadium to accommodate its shareholders.
The IPO comes as the refinery continues to expand its role in Nigeria’s downstream petroleum market, with Dangote maintaining that its long-term growth prospects justify widening public ownership.
Beyond the IPO, Dangote also addressed concerns over petrol prices and the continued movement of Nigerian petrol into neighbouring countries.
He said petrol was still being smuggled across Nigeria’s borders because prices in neighbouring markets remained significantly higher, creating an incentive for traders to divert products from the domestic market.
According to Dangote, petrol prices in neighbouring countries can be between 30 and 50 percent higher than in Nigeria. He specifically cited Niger Republic, where he said prices remained 20 to 25 percent above the Nigerian price even when domestic petrol was selling at ₦1,350 per litre.
The comments followed the refinery’s increase in its petrol gantry price from ₦1,265 to ₦1,350 per litre, effective September 12. Pump prices subsequently rose to as high as ₦1,395 per litre at some filling stations in Lagos.
Dangote argued that petrol prices should be viewed against regional market conditions rather than in isolation, saying the price differential could provide smugglers with an immediate margin.
He also warned that the continuing Middle East crisis could create a supply challenge for petroleum products, shifting the concern from prices to physical availability.
Despite the external risks, Dangote assured Nigerians that the refinery would continue supplying the domestic market.
He said the refinery would maintain deliveries and work to prevent shortages and queues, despite disruptions affecting global energy markets.
The company has also introduced measures aimed at reducing the cost of moving petrol across the country, including nationwide delivery arrangements that Dangote said could save marketers transporting products to distant locations as much as ₦70 per litre.
With the IPO now open, Dangote’s three-year projection places the refinery’s expansion alongside an ambitious plan to broaden public ownership, potentially creating one of Africa’s largest shareholder bases while positioning the company for further growth.