Speaking today, September 14, 2026, at the Nigerian Exchange (NGX) “Facts Behind the Offer” presentation for the ₦2.15 trillion Dangote Petroleum Refinery IPO, promoter Aliko Dangote projected that the company’s equity market capitalization will reach not less than $350 billion by Full Year 2030.
The long-term valuation target assumes the stock will trade at a 10x Price-to-Earnings (P/E) multiple, implying an annual net profit after tax of $35 billion by 2030.
Dangote framed the trajectory around the completion of the Phase 2 expansion to 1.4 million barrels per day (mbpd), full vertical integration across midstream pipelines, and scaling specialty chemical lines including Polypropylene (2.4 mtpa) and Linear Alkyl Benzene (400 ktpa).
Priced at ₦525.00 per ordinary share, the offering represents a primary float of 4.1 billion shares (3.41% public equity stake before green shoe options).
The listing is set to expand the Nigerian Exchange (NGX) equities market capitalization by ₦63.07 trillion ($48.89 billion), making it the largest single-stock weighting on the exchange upon formal listing.
A $350 billion market capitalisation would mean the Refinery will return 7x to investors by 2030.
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