President of Dangote Industries Limited, Aliko Dangote, has said the group plans to list all its operating companies on the Nigerian Exchange, with its market capitalisation potentially reaching at least $350bn by 2030.
Dangote disclosed this while speaking on the initial public offering of Dangote Petroleum Refinery and Petrochemicals in an interview with Arise TV aired on Tuesday.
He said the Nigerian Exchange would serve as the primary platform from which the group could pursue dual listings on other global exchanges.
“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 said.
“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,” Dangote added.
The comments came as investors continued to subscribe to the N2.15tn initial public offering of Dangote Petroleum Refinery and Petrochemicals, which opened on the Nigerian Exchange on September 14.
The offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer, which is open to retail, institutional and eligible African investors, is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Dangote said investors who bought and held the refinery shares could potentially become millionaires within one or two years if the share price appreciated significantly.
The refinery shares are being offered at N525 each, while Dangote said the price could eventually rise to between N5,000 and N10,000, depending on market conditions.
Asked whether he expected the shares to reach N10,000, he said, “I pray so, yes.”
Pressed on whether that was his prediction, Dangote 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, OOO, 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 also advised investors against selling their shares prematurely, saying they could earn dividends over time.
“So, why do you want to sell it? You remain there, you will be collecting money,” he said.
He added that dollar-denominated dividends could help protect investors against naira depreciation.
“And, at a point when you have your kids studying abroad, even if there is devaluation of the currency, you are safe,” he said.
“You are safe because your dividend, you will be collecting in dollars.”
Dangote had earlier 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.
He said the refinery IPO was the beginning of a wider 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.
Dangote said the IPO would also allow Nigerians and other investors to participate in the growth of the 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 said.
He 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 has an implied market capitalisation of about N65.22tn.
Dangote also said the IPO was designed to allow Nigerians and other investors 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 IPO attracted strong interest from investors on Monday, with subscriptions running into billions of naira within minutes of opening on the NGX.
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.
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 said the company remained focused on achieving its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
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