Sujimoto Group Managing Director, Dr. Sijibomi Ogundele, has projected that shares of Dangote Petroleum Refinery and Petrochemicals could rise significantly in value, potentially reaching ₦5,000 before 2030.
Ogundele made the projection while celebrating the planned ₦2.15 trillion initial public offering (IPO) of the Dangote refinery, describing Aliko Dangote as “Africa’s beast of industry” and calling for the emergence of at least 10 more industrial champions capable of transforming Nigeria’s economy.
According to him, the refinery’s IPO represents more than a major corporate transaction, arguing that it could broaden participation in industrial wealth by allowing Nigerians across different income levels to acquire an ownership stake in the business.
The refinery is offering 4.1 billion shares at ₦525 per share, with a minimum subscription of 10 shares, translating to an entry point of ₦5,250 for prospective investors.
Ogundele said the development could help change the relationship between Nigerians and large-scale industrial enterprises by giving ordinary citizens an opportunity to participate in their growth.
He also used the occasion to reflect on his first visit to the Dangote Refinery project in Ibeju-Lekki about five years ago, saying the scale of the project left a lasting impression on him.
He recalled writing an article at the time titled “Dangote Is a Beast,” explaining that the description was not primarily about Dangote’s wealth but about his vision, audacity and willingness to pursue projects of extraordinary scale.
“The word ‘Beast’ was never about capital. It was about vision, it was about audacity, and it was about scale,” Ogundele said.
He described the refinery as evidence of Dangote’s determination to pursue an ambitious industrial vision despite significant challenges, including infrastructure requirements, rising costs and foreign exchange pressures.
Ogundele Calls for More Industrial Champions
While praising Dangote’s achievements, the Sujimoto boss argued that Nigeria’s ultimate objective should not be to produce only one industrial giant.
He called for the emergence of major Nigerian companies across strategic sectors, including steel, pharmaceuticals, agriculture, technology, manufacturing, housing and infrastructure.
“Our nation needs a Dangote of steel in Kaduna, a Dangote of pharmaceuticals in Anambra, a Dangote of agriculture in Niger, a Dangote of technology in Lagos, a Dangote of manufacturing in Aba and Nnewi, and a Dangote of housing and infrastructure in every geopolitical zone,” he said.
Ogundele said the emergence of such businesses would help expand Nigeria’s productive capacity, create jobs, develop supply chains, increase exports and reduce dependence on imported goods.
He argued that the country’s economic challenge was not simply a shortage of wealthy individuals but a shortage of industrial enterprises capable of converting capital into sustainable productive capacity.
“Ten Dangotes therefore cannot mean ten more names on a billionaire list. Nigeria already has wealthy people. What we need are industrialists who convert capital into factories, technology, exports, supply chains, apprenticeships, taxes and millions of productive jobs.”
‘Nigeria Needs Patient Capital’
Ogundele also urged the government and financial institutions to create an environment capable of supporting large-scale Nigerian businesses.
He proposed that the government identify proven industrialists across strategic sectors, provide appropriate support and infrastructure, and establish measurable targets around job creation, exports, technology transfer and local sourcing.
He also criticised the high cost of doing business in Nigeria, particularly the infrastructure and financing challenges faced by local entrepreneurs.
According to him, Nigerian businesses should not be expected to compete globally while simultaneously bearing the cost of providing infrastructure that should ordinarily be available to them.
“You cannot tie an entrepreneur’s legs together and then complain that he cannot run like Usain Bolt,” he said.
Dangote Refinery’s Next Phase
Ogundele further highlighted what he described as Dangote’s continued appetite for expansion, noting plans associated with increasing the refinery’s capacity and expanding into petrochemicals.
He said the entrepreneur’s willingness to pursue larger industrial ambitions even after completing the refinery demonstrated the importance of long-term thinking in building businesses capable of influencing national economies.
The Sujimoto executive compared Dangote’s industrial significance with historic and contemporary industrialists whose businesses have played major roles in shaping their respective economies.
He argued that Africa should focus less on exporting raw materials and importing finished products and instead develop domestic industries capable of adding value to its resources.
IPO and Broader Ownership
On the refinery’s IPO, Ogundele described the offering as an opportunity to expand the concept of ownership beyond institutional investors and high-net-worth individuals.
With the minimum subscription set at 10 shares, he said Nigerians ranging from young graduates and workers to business executives and wealthy investors could potentially participate, subject to the applicable terms and risks of the offer.
He said the opportunity was particularly significant because the refinery is expected to play a major role in Nigeria’s petroleum and petrochemical value chain.
Ogundele also linked the development to President Bola Tinubu’s ambition of building a $1 trillion Nigerian economy, arguing that achieving such a target would require the emergence of multiple large-scale Nigerian businesses rather than reliance on a handful of existing corporate giants.
From Dangote’s Example to a New Generation
Reflecting on his own entrepreneurial journey, Ogundele said Dangote’s example had reinforced his belief that difficult operating conditions should not necessarily determine the size of an entrepreneur’s ambition.
He cited Sujimoto’s projects as part of his own attempt to pursue large-scale development despite Nigeria’s challenging business environment.
He maintained that Nigeria’s next generation of entrepreneurs would need competence, resilience and the willingness to pursue problems capable of producing broad economic impact.
For Ogundele, however, the most important legacy of Dangote’s industrial journey may not ultimately be the refinery itself, but the ambition it could inspire among younger Nigerians.
“The Dangote Refinery IPO may allow millions of Africans to own part of one extraordinary enterprise. The greater opportunity is for an entire generation to inherit his audacity.”
He concluded that Nigeria’s economic transformation would depend on its ability to create an environment where more industrial champions could emerge, scale and compete globally.
“That is the greater dividend: a Nigeria where one Dangote becomes ten.”
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