Aliko Dangote has said an investment of N100,000 in Dangote Petroleum Refinery and Petrochemicals shares could potentially grow to N1 million within one or two years if the company’s share price rises significantly.

Dangote made the projection during an interview on Arise TV on Tuesday while discussing the refinery’s ongoing initial public offering on the Nigerian Exchange.

The shares are being offered at N525 each, meaning N100,000 could buy about 190 shares, excluding transaction charges.

According to Dangote, the share price could rise to between N5,000 and N10,000, depending on market conditions and the company’s performance.

When asked whether he expected the shares to reach N10,000, Dangote said, “I pray so,” adding that such growth was possible based on the experience of other listed companies whose share prices had increased significantly.

He urged investors not to sell their shares too early, saying they could also benefit from dividends as the company grows.

Dangote said the company could pay dividends in dollars, which he noted could help protect investors against the effects of naira depreciation, particularly parents with children studying abroad.

The refinery’s IPO involves 4.1 billion shares priced at N525 each, with the company seeking to raise about N2.15tn. The minimum subscription is 10 shares, costing N5,250.

The offer opened on September 14 and will close on October 13, 2026. It is open to retail and institutional investors as well as eligible African investors.

Dangote described the offer as the “People’s IPO” and encouraged Nigerians, including teachers, artisans, civil servants and students, to take advantage of the opportunity to own shares in the refinery.

He also said the Dangote Group plans to list all its operating companies on the Nigerian Exchange, with an ambition to achieve a market capitalisation of at least $350bn by 2030.

According to him, the IPO is not only about raising funds but also about giving Nigerians an opportunity to own part of one of the country’s biggest industrial assets while supporting job creation, energy security and industrial development.

The refinery recorded revenue of about N19.47tn and profit after tax of N2.55tn in the first half of 2026.

At the IPO price of N525 per share, the refinery’s implied market capitalisation stands at about N65.22tn.