NEWS
Dangote Refinery IPO: Why Nigerians Are Being Urged to Own a Stake in Oil Business — Madaki Ameh
Oil and gas expert and Convener of the Oil, Gas and Power Forum, Madaki Ameh, has urged Nigerians to take advantage of the Dangote Refinery Initial Public Offering (IPO), describing it as a rare opportunity for ordinary citizens to own a stake in one of the country’s biggest refining businesses.
Ameh said the IPO, priced at ₦525 per share, has created an accessible entry point for Nigerians who want to participate in the oil and gas industry, noting that investors can buy shares with as little as ₦5,000.
He made the remarks while speaking on Arise News, where he described the offer as an opportunity Nigerians should seriously consider.
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“The Dangote Refinery IPO gives Nigerians a rare opportunity to own a piece of a refinery. Most of us will not be able to build our own refineries in our lifetime, so this is a very good opportunity.
“The IPO is coming at an extremely good price—at 525 Naira per share, the shares are worth less than $1 (around 30 cents). Nobody would sell shares of an organization like Dangote Refinery for that low.”
According to Ameh, the relatively low entry point could generate significant interest among retail investors and potentially lead to substantial oversubscription.
“Ordinarily, I expect a huge level of interest—maybe a 200% to 300% oversubscription within a month. They have made it easy for anyone to buy; if you have up to 5,000 Naira, you can own a piece of Dangote Refinery. It is a very smart, strategic move,” he said.
Shares Could Double Within Six Months
Ameh also projected significant growth in the value of the refinery’s shares, citing plans by the company to increase its refining capacity from 650,000 barrels per day to 1.4 million barrels per day.
“From the way this IPO is priced, and considering that the refinery plans to double its capacity from 650,000 barrels per day to 1.4 million barrels per day in a short while, informed investors see that these shares are priced almost like penny stocks with the capacity to double within six months.
“In an inflationary environment, money kept in the bank loses value. Putting your money here is a prudent choice, as it can grow exponentially within a short time.”
He encouraged Nigerians to consider participating in the IPO, arguing that the minimum investment required was relatively small compared with the potential opportunity.
“As they say, no risk, no reward. If the risk threshold is low—5,000 Naira can hardly buy a decent meal in this country—and people are not ready to take a chance to buy ten shares, then they are not ready to make money.
“Nigerians should encourage themselves to be part of this massive business. This is money you make even while sleeping once you have investable funds.”
Dangote Should Be Encouraged
Ameh also dismissed concerns that the Dangote Refinery could create a monopoly in Nigeria’s oil and gas sector, arguing that the company should instead be encouraged for taking the risk of investing billions of dollars in domestic refining.
He recalled that Dangote began developing the refinery about a decade ago, at a time when there was uncertainty over whether the massive project would be completed.
“Dangote started this refinery about ten years ago when nobody gave him much of a chance. Dangote took personal courage and committed his own resources, recognizing that the future still required refining.
“He set up a private refinery that is now operational and delivering value. Now he is going to Kenya to set up another massive refinery in East Africa to handle the oil and gas value chain in that region.”
Responding to concerns about competition, Ameh argued that other investors had opportunities to establish refineries but failed to commit the necessary resources.
“People complain about a monopoly, but nobody prevented others from doing business. Many people hold refinery licenses today and have not laid a single brick.
“A man who had the courage to take the bull by the horns should be encouraged to reap the benefits. I fully align with the need to continue encouraging private industry, and Dangote is leading the way in Africa.”
He further argued that the risks associated with Dangote’s investment should be viewed in the context of the enormous scale of the project.
“The risks mentioned are minimal when looking at the entire risk profile. Dangote knows how to manage big companies. For a private individual to import and install every component shows immense confidence in this economy. We need many more investors like Dangote doing this level of work,” Ameh told Arise News.
Ameh Wants Government to Sell Crude to Local Refiners at $10
Beyond the IPO, Ameh called for broader reforms in Nigeria’s oil industry, including the sale of crude oil to domestic refiners at wellhead prices of no more than $10 per barrel.
He said the policy would strengthen local refining, increase domestic production and reduce the foreign exchange burden associated with importing refined petroleum products.
“Since 2012, I have consistently advocated that Nigeria needs a strategic plan to exit OPEC at some point. We have no business selling unrefined crude oil; we should refine everything we produce.
“Producing between 1.7 and 1.8 million barrels in total is not enough to grow this economy to where it ought to be.”
Ameh argued that the government should shift the focus of petroleum subsidies from consumption to production.
“The country needs to shift the subsidy from the consumption end to the production end. If you sell crude oil at the wellhead cost (which should not be more than $10 a barrel) to local refiners, you energize the economy significantly.
“This stops the drain on foreign exchange from importing products we can produce in abundance locally.”
Dangote Should Enter Upstream Sector
Ameh also called on Dangote to consider entering the upstream oil sector to secure crude feedstock for the refinery, particularly as its refining capacity expands.
“The government should encourage Dangote to enter the upstream sector himself to produce the feedstock for his refinery. When he expands to 1.4 million barrels per day and starts production in Kenya, finding enough crude to refine will become difficult.”
He said the government could support backward integration by allocating oil-producing assets to serious local refiners.
“If we have serious local refiners, why not farm out acreages in prolific fields and allow them to engage in backward integration? That way, the refinery produces its own feedstock,” he said.
Dangote Refinery Shares Could Double By December
Ameh further expressed optimism about the valuation prospects of Dangote Refinery, saying its share price could almost double or more than double by December 2026.
He linked the projection to expected strong demand for the refinery’s products in both domestic and international markets.
“When Dangote says the refinery will be the most valuable by December, he means that based on current projections and demand both locally and internationally, the value of these shares on listing could almost double or more than double by the end of the year,” Ameh said.
The comments come as the Dangote Refinery IPO attracts growing attention from Nigerian investors, with the offer providing retail investors an opportunity to participate directly in the ownership of a major player in the country’s oil and gas value chain.
However, while Ameh expressed strong optimism about the potential returns, investment in equities remains subject to market risks, and future share-price performance is not guaranteed.
Vice President Kashim Shettima has arrived in Maiduguri, the Borno State capital, to commission the Kashim Ibrahim University Teaching Hospital, a student hostel, and 104 staff housing units at the institution.
Shettima’s arrival was disclosed by Stanley Nkwocha, in a post on X on Friday.
The Vice President was received at the Muhammadu Buhari International Airport in Maiduguri by Borno State Governor, Professor Babagana Umara Zulum; Deputy Governor, Alhaji Umar Usman Kadafur; and the All Progressives Congress (APC) governorship candidate in the state, Engr. Mustapha Gubio.
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Members of the National Assembly, the Borno State Executive Council, prominent political figures and other top government officials were also present to welcome him.
During the visit, Shettima is expected to commission the Kashim Ibrahim University Teaching Hospital, alongside a student hostel and 104 staff housing units at the institution.
He will also commission Yerwa Central Primary and Junior Secondary School in Maiduguri, as well as the Kashim Shettima Academy, established by his foundation to support children from less privileged backgrounds.
The Vice President has repeatedly emphasised that poverty should not prevent Nigerian children from accessing higher education.
He has also highlighted government initiatives, including the Nigerian Education Loan Fund (NELFUND), as avenues for students from disadvantaged backgrounds to pursue their educational aspirations.
The Lagos State Commissioner of Police, Tijani Fatai, has warned officers against extortion, brutality, unlawful arrests and detention, stressing that any misconduct will attract disciplinary action.
Fatai gave the warning on Thursday, October 22, during a general lecture for officers and men of the Lagos State Police Command at the POWA Hall, GRA, Ikeja.
According to a press release signed by the Lagos State Police Command’s Public Relations Officer, SP Abimbola Adebisi, and released on Friday, October 23, the lecture was held in compliance with the directives of the Inspector-General of Police, Olatunji Rilwan Disu.
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The lecture brought together area commanders, divisional police officers, tactical commanders, heads of departments and other personnel across the command to reinforce professionalism, discipline, accountability and respect for human rights.
Fatai reiterated the Inspector-General’s directives on addressing complaints against police personnel, particularly allegations of brutality, extortion, unlawful arrests and detention.
He warned that officers who engage in misconduct would face disciplinary action, adding that supervisory officers would also be held accountable for the actions of personnel under their command.
The commissioner specifically cautioned tactical teams against extortion, brutality, intimidation, incivility towards members of the public and other dishonest practices.
He directed tactical commanders to ensure that their personnel operate professionally, exercise restraint and respect citizens’ rights.
According to the commissioner, operational responsibilities must not be used as an excuse to exploit or harass members of the public.
Fatai also directed all personnel to comply strictly with the Nigeria Police Force’s Social Media Policy.
He warned that inappropriate online conduct capable of undermining the image of the police would attract sanctions for erring officers and their responsible supervisors.
Lagos CP Prohibits Arrest by Proxy
Addressing the fight against cultism, Fatai urged officers to intensify efforts to tackle the menace while ensuring that all arrests are conducted lawfully and in accordance with due process.
He prohibited arrest by proxy and the arrest of individuals without lawful justification.
The commissioner also emphasised the need to protect the lives and welfare of suspects in police custody, directing officers to maintain close supervision of detainees and ensure they receive humane treatment throughout their detention.
Police Told to Remain Neutral Ahead of 2027 Elections
Ahead of the 2027 general elections, Fatai charged officers to remain neutral and professional in the discharge of their duties.
He directed personnel to closely monitor electioneering campaigns and provide adequate security to maintain peace and public order.
The commissioner further urged officers to stay informed about local and international developments, strengthen their professional capacity and remain vigilant against emerging security threats that could affect Lagos State.
Fatai charged all officers and men of the command to uphold the highest standards of integrity, stressing that public trust must be earned through responsible conduct, impartial enforcement of the law and respect for the rights of every citizen.
The Director-General of the Africa Centres for Disease Control and Prevention (Africa CDC), Dr Jean Kaseya, has explained why Ebola outbreaks continue to occur in Africa, citing the need for stronger health systems and surveillance mechanisms to prevent and control the spread of infectious diseases.
Kaseya spoke during an interview on Channels Television on Thursday, October 22, while discussing recurring Ebola outbreaks on the continent and the challenges facing public health authorities.
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He explained that some outbreaks originate from animals and spread to humans through contact with the environment, stressing that effective surveillance and stronger healthcare systems were necessary to address the threat.
“We are in Africa in a specific environment. And as you are saying, this outbreak is coming also from animals to humans. It means we are in contact with our environment,” he said.
“But we can avoid that if we have a strong health system in place, if we have strong surveillance mechanisms in place. And this is what we are working to address.”
The Africa CDC chief also announced plans to convene African health ministers on October 28 to discuss the Ebola Bundibugyo outbreak, which he described as the most geographically widespread outbreak of its kind.
According to Kaseya, three African regions—West, Central and East Africa—have been affected, making coordinated action among countries increasingly important.
“This is why I’m calling even a meeting on the 28th of October of all African ministers, because we see now this outbreak — this Ebola Bundibugyo outbreak — is the most geographically extended outbreak, with three regions in Africa already affected: West, Central and Eastern African regions,” he said.
He also expressed confidence in Africa’s preparedness to respond to public health emergencies, while emphasising the importance of strengthening existing systems to contain outbreaks.
Africa CDC Seeks Cooperation Over Nigeria’s Reported Ebola Case
Kaseya further called for cooperation among Nigeria, Uganda and the Democratic Republic of the Congo (DRC) to clarify the travel history of a woman linked to Nigeria’s reported Ebola case.
He said he had been communicating with health authorities in the three countries to establish the woman’s movements before she returned to Abuja on October 3.
According to him, the woman was born in Uganda and had spent some time there before returning to Nigeria. However, further information was needed to establish whether she had travelled through the DRC or had contact with anyone arriving from the country.
“We are talking to all authorities—with Nigerian authorities, with Ugandan authorities, even to DRC authorities,” Kaseya said.
He urged the woman to provide the relevant information to health officials, noting that it would help authorities determine the circumstances surrounding the case and support the countries involved.
“What we want is collaboration from this person, the lady. She has to tell us, to disclose to the authorities. I need this information, as Nigeria needs this information, because we need also to support Uganda,” he said.
Kaseya added that establishing the woman’s travel history and possible contacts would help prevent misunderstandings between the African countries.
“I think these are the pieces of information we are looking for, and it will help all of us, and it will avoid crisis between African countries,” he added.
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