Suara Sherif
Dangote Group President and Chief Executive Officer, Aliko Dangote has set his sights on a $350 billion market capitalisation for the Dangote Group by 2030, a bold vision unveiled as the Dangote Petroleum Refinery opened its landmark Initial Public Offering on the Nigerian Exchange.
The N2.15 trillion IPO, priced at N525 per share with a minimum subscription of N5,250, drew billions of naira in subscriptions within minutes.
It is the first petroleum refinery offering in the Exchange’s 66-year history.
Dangote made clear the refinery listing is only the beginning.
“We, as a group, will list every single company that will operate,” he declared.
“I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350bn.”
The financials already support the ambition.
The refinery generated approximately N19.47 trillion in revenue in the first half of 2026, with profit after tax of N2.55 trillion.
At the offer price, it carries an implied market capitalisation of about N65.22 trillion.
Combined with Dangote Cement and Dangote Sugar Refinery, the listing could create an equity cluster valued at roughly N83.5 trillion on the NGX.
Bloomberg estimates the IPO could lift Dangote’s personal net worth to as much as $58.2 billion, up from $35.3 billion, potentially pushing him past global heavyweights like Ken Griffin and Eric Schmidt.
The group’s ambitions extend beyond Nigeria.
Dangote said the NGX would serve as a launchpad for dual listings on other global exchanges, with Africa remaining the base.
The refinery has already become the largest single supplier of refined petroleum products into Europe, according to CEO David Bird, who said the company is pursuing a Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
For Nigerian investors, the message is clear: the $350 billion dream starts with a N5,250 ticket.
Whether it becomes reality will depend on execution, market conditions and sustained investor confidence.
For now, Dangote is inviting Nigerians to climb aboard.
