Dangote Refinery IPO Better Than Selling PVC for N10,000 — Rewane

Economist and Financial Derivatives Company Chief Executive Officer, Bismarck Rewane, has urged Nigerians to participate in the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering rather than sell their Permanent Voter Cards for short-term financial benefits.

Rewane said investing in the refinery could provide Nigerians with an opportunity to become shareholders in a major Nigerian company and participate in its long-term growth.

He argued that Nigerians would be better served by investing about N5,000 in Dangote Refinery shares than selling their PVCs for N10,000 or N15,000 and immediately consuming the proceeds.

The economist made the remarks as interest grows ahead of the planned public offering, which is expected to attract millions of retail investors across Nigeria.

The Dangote Refinery IPO comprises 4.1 billion ordinary shares offered at N525 each, with the company targeting about N2.15 trillion if the offer is fully subscribed.

The public offer is designed to broaden ownership of the refinery and allow ordinary Nigerians to participate in the growth of one of Africa’s largest industrial assets.

Rewane said the plan to attract up to 10 million investors would represent a major milestone for Nigeria’s investment culture. He noted that such widespread participation could give the refinery one of the largest shareholder bases in the world.

He also distinguished investment from gambling and betting, noting that investment involves making decisions based on identifiable economic and financial parameters, while gambling largely depends on chance.

According to him, widespread participation in the IPO would amount to a form of economic democratisation by giving more Nigerians direct ownership stakes in productive assets.

The refinery’s public offer is expected to open on September 14 and close in October, with the shares subsequently expected to be listed on the Nigerian Exchange, subject to the applicable regulatory processes.

With a minimum subscription of 10 shares costing N5,250, the offer is structured to make participation accessible to a broad range of investors.

The initiative is also expected to support the refinery’s expansion plans, including efforts to increase its processing capacity and strengthen its position in Nigeria’s energy and industrial sectors.

Rewane’s comments come amid renewed calls for Nigerians to develop a stronger culture of saving and investment by directing available funds towards productive assets capable of generating long-term value.