‘Immediately After We Launched the IPO, the System, Including the Banks, Crashed’ - Dangote

 

Aliko Dangote has disclosed that heavy investor traffic following the launch of the Dangote Petroleum Refinery’s initial public offering (IPO) caused the system, including some banks, to crash.

Dangote made the disclosure during an interview with Bloomberg Television’s Francine Lacqua while discussing the performance of the refinery’s public share offering.

“Immediately after we launched the IPO, I think the whole system crashed, including the banks. Only the stock exchange was actually running alive,” Dangote said.

According to him, the disruption occurred shortly after the IPO opened on Monday as large numbers of people attempted to participate in the offer.

Dangote said the system experienced another crash about three days later, which he attributed to the volume of traffic generated by investors.

“But then we did it again. I think three days later it crashed again because of the number of traffic going in there to participate,” he said.

He added that the systems had stabilised and said efforts were underway to make it possible for investors from other African countries, including Kenya, Botswana and South Africa, to participate through banks.

Dangote said the company was targeting as many as 10 million shareholders as it seeks to broaden participation in the refinery’s ownership.

The billionaire described the offer as a “People’s IPO” and said its broader objective was to increase participation in African capital markets.

“The IPO that we’re doing is actually to bring in democracy into capital markets in Africa. It’s to have Africans to be able to participate in this prosperity,” he said.

The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion shares offered at ₦525 per share. The offer is scheduled to close on October 13, 2026.

The interview comes amid efforts by the company to attract individual investors across Nigeria and other African countries to participate in the public offering.

₦100,000 Investment Could Make Investors Millionaires in Two Years — Dangote

President of Dangote Industries Limited, Aliko Dangote, has said investors who buy and hold shares in Dangote Petroleum Refinery and Petrochemicals could potentially become millionaires within one or two years if the company’s share price rises significantly.

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

The refinery’s shares are being offered at ₦525 each, with Dangote expressing optimism that the share price could eventually rise to between ₦5,000 and ₦10,000, depending on market conditions.

Asked whether he expected the offer price to rise to about ₦10,000, Dangote responded, “I pray so, yes.”

When asked whether he was making a prediction, he said the share price could reach that level, depending on market conditions, adding that he had seen shares listed at ₦100 rise to ₦1,000.

“But our own, it will get to maybe 5, 10,000, you know. So, at least what you are looking at, if you invest something like maybe ₦100,000, you know, within one year, two years or so, you are talking about becoming a millionaire,” Dangote said.

His projection is dependent on the refinery’s share price rising substantially from the current IPO price and is not a guarantee of investment returns.

Dangote also urged investors not to sell their shares prematurely, saying shareholders could benefit from dividends over time.

“So, why do you want to sell it? You remain there, you will be collecting money,” he said.

He further said investors could receive dividends in dollars, which he argued could provide protection 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.”

The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion ordinary shares offered at ₦525 per share, giving the offer a total value of about ₦2.15 trillion.

The minimum subscription is 10 shares, valued at ₦5,250. The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

The offer is open to retail, institutional and eligible African investors.

Dangote has described the IPO as an opportunity for Nigerians, including teachers, artisans, civil servants and students, to become part-owners of the refinery.

He also disclosed that the refinery generated approximately ₦19.47 trillion in revenue during the first half of 2026, while profit after tax stood at about ₦2.55 trillion.

At the offer price of ₦525 per share, the refinery is expected to have an implied market capitalisation of about ₦65.22 trillion.

Dangote also said the refinery listing would form part of a broader plan to take other operating companies within the Dangote Group to the Nigerian Exchange.

According to him, the group intends to list its operating companies in the future, while using Nigeria and Africa as its base for potential dual listings on other global exchanges.

The businessman described the refinery IPO as an opportunity for Nigerians and other investors to participate in the growth of a major industrial asset.

Meanwhile, Bloomberg reported that Dangote’s personal fortune could rise to as much as $58.2 billion following the IPO, representing an increase of about $22.9 billion from an estimated $35.3 billion, according to the Bloomberg Billionaires Index.

Dangote said the broader objective of the IPO was to give Nigerians and other investors an opportunity to participate in the refinery’s growth and ownership.

Dangote’s Wealth Jumps $20bn to $51bn, Moves to 36th Richest Person in the World — Forbes

Africa’s richest man, Aliko Dangote, has seen his net worth rise by about $20 billion to $51 billion following the revaluation of his Dangote Petroleum Refinery, according to Forbes.

The increase has moved Dangote from 76th to 36th on the Forbes Real-Time Billionaires ranking, placing him among the world’s 40 richest people.

The sharp rise in his fortune follows a $2.5 billion private placement by the refinery that was heavily oversubscribed. Forbes reported that the transaction resulted in an implied refinery valuation of about $42 billion and pushed Dangote’s fortune significantly higher.

The development comes as the Dangote Refinery opened its public share offering on Monday, September 14, allowing individual investors to acquire shares in the privately controlled company for the first time.

The refinery is offering 4.1 billion shares, representing about 3.3 per cent of the company, at ₦525 per share. The minimum subscription is 10 shares, costing ₦5,250. The offer is scheduled to close on October 13, with trading expected to begin later in November.

Dangote told Forbes ahead of the public offering that he considered the launch a historic moment and said he would not miss it despite having an investment summit in Canada to attend.

He said the decision to sell shares was not only about raising capital but also about allowing more Africans to participate in the wealth created by the refinery.

“Selling these shares now is us making sure that we create wealth for other people,” Dangote told Forbes, comparing the ambition to the way companies such as Amazon and Microsoft have created wealth for their shareholders.

The refinery, located in the Lekki Free Zone in Lagos, began operations in 2024 and currently has a processing capacity of 700,000 barrels of crude oil per day.

Forbes reported that the refinery recorded a net profit of $1.82 billion in the first half of 2026, compared with a $476 million loss in the corresponding period of 2025.

Dangote’s stake in the refinery has been diluted to 87 per cent following the private placement. If the entire public offering is taken up, his stake could fall further, while the value of his fortune could rise again if the refinery’s valuation increases.

The public offering is being marketed as one of the biggest capital-market transactions in Africa and is expected to give ordinary investors an opportunity to own part of one of the continent’s largest industrial projects.