Dangote Refinery IPO Seen as Rare Opportunity for Nigerians

Madaki Ameh, convener of Oil, Gas, and Power Forum, sees the Dangote Refinery Initial Public Offering (IPO) as a rare opportunity for Nigerians to acquire ownership stakes in one of the country's major refining businesses. The offer is priced at ₦525 per share, which provides an accessible entry point into the oil and gas sector. Investors can participate with as little as ₦5,000.

'The Dangote Refinery IPO gives Nigerians a rare opportunity to own a piece of a refinery,' Ameh said. 'Most of us will not be able to build our own refineries in our lifetime, so this is a very good opportunity.' He noted that the shares are worth less than $1 (around 30 cents), and nobody would sell shares of an organization like Dangote Refinery for that low.

Ameh predicted that the offer could attract between 200 and 300 per cent oversubscription within a month. He also stated that the shares have the potential to double in value within six months, citing the refinery's planned expansion from 650,000 barrels per day to 1.4 million barrels per day.

Ameh addressed concerns over a possible monopoly in Nigeria's oil and gas sector, saying the fears are minimal. He argued that Dangote should be encouraged for taking the risk of investing heavily in refining when others with refinery licences failed to commit the resources to establish their plants.