Africa’s wealthiest man Aliko Dangote has said an investment of about ₦100,000 in the Dangote Petroleum Refinery could make an investor a millionaire within one or two years, as the company’s landmark initial public offering opens to investors.

Speaking in an exclusive interview with ARISE News Anchor Ojy Okpe shortly before the IPO opened on Monday, Dangote made the projection while arguing that investors should view shares in the refinery as a long-term asset rather than something to trade for a quick return.

The refinery is offering shares at ₦525 each as part of a public offer involving 4.1 billion ordinary shares, potentially raising about ₦2.15 trillion. The offer, which opens on September 14, is scheduled to run until October 13.

Dangote said he believes the value of the shares could rise substantially as the refinery expands.

“If you invest like something like maybe ₦100,000, within one year, two years or so, you’re talking about you becoming a millionaire,” he said.

“So why do you want to sell it? You remain there, you’ll be collecting that money.”

Dangote also argued that the refinery’s dollar-linked revenues could offer shareholders some protection against currency depreciation, saying investors would have the option of receiving dividends in dollars.

“At a point when you have your kids studying abroad, even if there’s devaluation of the currency of the naira, you are safe,” he said. “You are safe because your dividend, you’ll be collecting it in dollars.”

Asked whether the share price, which begins at ₦525, could eventually rise as high as ₦10,000, Dangote said: “I pray so, yes. It doesn’t mean—it can be ₦15,000, ₦20,000. It depends.”

He added: “I’ve seen shares listed at 100, they go to 8,000. But our own, it will get to maybe ₦5,000, ₦10,000.”

Dangote stressed, however, that his ambition was not to attract investors looking simply to buy and sell quickly.

“This is not a share for somebody to just buy and go and sell it off tomorrow,” he said.

“This is a future for anybody’s family. You’re actually investing in the future of your family.”

The refinery IPO, described by Dangote as a “People’s IPO”, is targeting millions of retail investors across Africa, with the minimum subscription set at 10 shares, or ₦5,250.

Dangote said his ambition was ultimately to have at least 10 million shareholders, particularly small retail investors, participating in the business. (Arise News)