Foremost economist and Chief Executive Officer of Financial Derivatives Company (FDC) Limited, Mr Bismarck Rewane, has urged Nigerians to invest in the Dangote Refinery, stating that investment would offer more value in the long run than selling their Permanent Voter Cards (PVCs) during elections for quick financial gain.
Pinnacle Daily had reported that Dangote Refinery officially unveiled its ₦2.15 trillion initial public offering (IPO) on Monday, September 7, during a signing ceremony held in Lagos.
According to the IPO prospectus, the offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
Chief Executive of the Dangote Group, Alhaji Aliko Dangote, said the offer was aimed at raising capital for the refinery’s expansion while expanding public ownership of the company.
Speaking in an interview with Channels Television on Friday, Mr Rewane said targeting 10 million investors through the planned initial public offering would be a significant milestone if achieved by the Dangote Refinery.
He noted that it would help to nurture the investment culture in Nigerians, many of whom, according to him, spend about 30 per cent of their income on gambling and sports betting.
“If we can get 10 million shareholders to participate in the IPO, the Dangote Refinery would have the largest number of shareholders in the world,” Mr Rewane stated.
“That doesn’t mean the value of the investment, but it is significant that we are developing and nurturing our investment culture amongst Nigerians who, before now, spend almost 20 to 30 per cent of their income on gambling and football betting.”
The economic expert, who also chairs the board of First City Monument Bank (FCMB), expressed confidence that the value of the investment in the refinery would grow significantly in about two or three years.
He said buying the 700,000 barrels per day refinery’s shares is better than spending money on gambling such as sports betting and lottery.
“The Dangote Refinery offers a sure bet of getting revenues and dividends rather than the 0.0001 probability that you would win a football match or a wrestling battle betting. That’s gambling. The difference between a gambling or a lottery act and an investment is that in one case you are investing based on known parameters, but in the other one, you are just gambling and taking a chance.”
In an interview, Dangote said the refinery’s share, which is ₦525 per share now, will reach ₦10,000 per share.
“The share now is ₦525. This share will one day become ₦10,000. So, if you buy and it becomes ₦10,000, and you put in ₦5 million, it becomes ₦50 million plus,” Dangote stated, adding that investors don’t have to fear devaluation as they are free to take their dividends in naira or in dollars.
Mr Rewane pointed out that the refinery IPO approach of getting 10 million investors is more of democractising the market and the economic process, just as millions of voters cast ballots during elections to choose their leaders. But unlike the political process, democratisation of the market process is more impactful economically, he stated.
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The economic expert argued that Nigerians are better off buying 5,000 shares in the refinery than selling their PVCs for a paltry sum of N10,000 or N15,000 and consuming it.
“You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
He added that the amount of revenue generated by the Dangote Refinery, as reported in the first half of 2026, is quite huge and significantly exceeds Nigeria’s budget for the year.
He highlighted that the Dangote Refinery IPO is a great investment opportunity, which is going to nurture investment culture on Nigerians as the company plans to diversify the shareholding and give an opportunity for everybody to participate in Africa’s largest IPO, launched by Africa’s richest man.
He also stated that the move gives the Dangote Refinery a hub for refining and marketing petroleum products in West and Central Africa.
“It is a compelling investment opportunity that is going to put profits and dividends into the pockets of consumers and investors and put a lot of tax revenue in the pocket of the government. So, it is a win-win situation whichever way you look at it,” Rewane further stated.
Pinnacle Daily reports that the offer, approved by the Securities and Exchange Commission (SEC), is expected to open on Sept. 14 and close on Oct. 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X