Dangote Refinery IPO better than selling PVC for N10,000, Rewane says
September 11, 2026 6:40 pm
Bismark Rewane. Photo: ICRC
Economist Bismarck Rewane has urged Nigerians to invest in the Dangote Refinery Initial Public Offering rather than seek quick financial gains by selling their Permanent Voter Cards.
Rewane said the IPO could encourage millions of Nigerians, particularly low-income earners, to move from short-term consumption to long-term investment by becoming shareholders in one of the country’s biggest companies.
He disclosed this while speaking on Channels Television’s Business Morning on Friday.
He said, “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“This is an investment which will translate itself, in a matter of 2 to 3 years, to something as much as almost, I think, almost 300,000 naira. The numbers will be out, and you can see in the prospectus.
“So the projections are very clear. Another thing we have to know is that the amount of revenue generated as reported by the Dangote refinery for the half-year, if you analyse it, is far in excess of the Nigerian budget.
“Therefore, you have a revenue and a revenue profile of a company whose revenue is far in excess of the Nigerian budget for the Nigerian state, and that is only one of the entities that are part of the Dangote Group.”
According to the economist, the planned scale of the IPO could also mark a major development for Nigeria’s capital market if it succeeds in attracting about 10 million investors.
“The reality is that targeting 10 million investors is also a milestone,” Rewane said.
He said such participation would give the refinery an exceptionally large shareholder base and bring more Nigerians into the investment process.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
Rewane said the significance of the IPO went beyond the number of people who would buy shares, arguing that widespread participation could help build a stronger investment culture in the country.
He contrasted investment with gambling and betting, where people risk money largely on uncertain outcomes.
“The difference between a gambling act, a lottery act and an investment is that in one case, you are investing based on known parameters; in the other one, you are actually just gambling and taking a chance,” Rewane said.
The economist described broader participation in the IPO as a form of economic democratisation, saying it would allow Nigerians to participate directly in the growth of a major domestic company.
He also said the refinery had the potential to become a major petroleum refining and marketing hub serving West and Central Africa.
Rewane argued that such growth could benefit investors through dividends and profits while also generating more revenue for the government.
“So it is a compelling investment opportunity which puts revenue and profits and dividends into the pockets of consumers and investors, puts a lot of tax revenue in the pockets of the government,” he said.
Okiki is a journalist with over seven years experience covering politics, foreign news, society, entertainment and the film industry.
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