₦airaland Forum

iskalamong:
It might exceed that.

aj8:
I'm not sure if anyone has noticed, but the fact that the Dangote refinery is requiring a minimum purchase of 10 units and it's Par value of 0.000013USD, is a pointer to a future consolidation of 10 for 1 reverse split, likely before they list on the US market in a few years. 10 units will then become 1 unit. That would pair them up well with/against Seplat for easier price determination/ appreciation/comparison.

4willer:
If this bloodbath continues throughout the one month that the DR IPO will run its course, what will become of the market thereafter?

Is this a good omen for the market?

Some stocks might run under water for all you know....or even disappear sef...especially the insurance stocks.

SonofElElyonRet:
Copied. Everyone is free to fact check.. I haven't done so. This is a call to patriotism.. moving actually..

(from Aliko Dangote)


*My proposed Chairman's Statement to our Dangote Refinery Prospective Shareholders incorporated in our IPO Prospectus*

September 7, 2026

CHAIRMAN'S STATEMENT

To Our Prospective Shareholders,

On behalf of the Board and the over 30,000 men and women who built this refinery with their hands and hearts, I welcome you to the most significant public offering in Nigeria's history.

This refinery is not my personal ambition any longer. It is a national asset. And with this IPO, we are formally inviting you—the Nigerian teacher, the pensioner, the trader, the institutional fund manager—to become co-owners of this dream.

But I must begin with candor, not celebration.

*Why I Am Speaking to You Directly*
You have likely read about our legal disputes with regulatory agencies.

You may have wondered: "If the environment is so difficult, why is Dangote listing now?"

That is a fair question. And you deserve a straight answer.

I have spent 15 years and over $20 billion building the largest single-train refinery in the world.

Along the way, I have fought for fair treatment—sometimes in court, sometimes in boardrooms, sometimes in the press.

I do not regret defending our interests. But I have learned a lesson that I must share with you plainly:

A public company cannot be run like a private battle.

The shareholder does not care who wins the lawsuit. The shareholder cares about dividends, about stability, about waking up to a stock price that reflects operational excellence—not regulatory drama.

That is why, before this IPO, I have personally directed management to settle every outstanding regulatory dispute that can be resolved through negotiation.

Where litigation continues, we have committed to a 30-day mandatory mediation process before any new filing.

This is now enshrined in our corporate governance charter.

I am not surrendering our rights. I am surrendering my personal appetite for combat—because your investment deserves peace.

*The Risk I Want You to See Clearly*
I will not insult your intelligence with a prospectus that buries risks in legal jargon.

Let me state it in plain language:

Our profitability depends, in part, on government policies that are not permanent.

The Naira-for-Crude arrangement. The import restrictions. The regulatory forbearance. These are not entitlements. They are privileges granted by a government that believes in domestic refining.

That belief may not outlive the current administration—or even the current minister.

If these policies change, our costs will rise. Our margins will compress. Our share price will suffer.

I am telling you this before you buy, not after.

That is why we have published, alongside this prospectus, a Regulatory Risk Playbook—a detailed, scenario-by-scenario plan of exactly what management will do if the ground shifts beneath us.

It includes:

· Emergency credit lines pre-negotiated with international banks.

· Alternative crude supply agreements in multiple currencies.

· A $2.5 billion business interruption insurance policy.

· A commitment to build a secondary processing train within 3 years—eliminating our single-point vulnerability.

· A ₦500 billion Regulatory Risk Reserve—ring-fenced and untouched except for genuine crises.

We are not hoping for a smooth road. We are preparing for a bumpy one.

And we are inviting you to travel it with us—with eyes wide open.

*What I Pledge to You*
As Chairman and majority shareholder, I make these personal commitments:

1. I will not use this listing as an exit. I remain the single largest shareholder, with over 90% of my personal net worth tied to this refinery.

Our interests are aligned. If this company fails, I fail with you.

2. I will not sue regulators without Board approval. From today, all litigation decisions require a two-thirds vote of independent directors. I have voluntarily surrendered unilateral control over our legal strategy.

3. I will publish quarterly regulatory briefings. Every earnings release will include a "Regulatory Climate" update—what we are seeing, what we are doing, and what we are worried about. No surprises.

4[b]. I will retire as CEO within 5 years. This refinery must outlast me. The management team we are building—led by our new Chief Regulatory Officer and our incoming independent directors—will have the authority and autonomy to operate this company without my shadow[/b].

5. I will not pay myself a dividend before you do. For the first three years post-IPO, my personal dividend will be capped at the same per-share rate as every other shareholder—no preferential treatment, no special class.


*A Word on Patriotism and Profit*

Some have accused me of seeking government protection.

Others have accused me of fighting the government.

The truth is more nuanced—and more Nigerian.

I believe in this country not because it is easy, but because it is ours.

I have built this refinery here, not in Houston or Rotterdam, because I am convinced that Nigeria can refine its own crude, power its own economy, and create its own billionaires—not just import them.

But, patriotism is not a business strategy.

Profitability is. And profitability requires a stable, predictable, and fair regulatory environment.

That is what I am fighting for. Not for myself. But, for all of us.

My Final Word to You

This IPO is not a guarantee of wealth. It is an invitation to partnership.

If you invest, you are betting on a refinery that works—and it does.

You are betting on a management team that has delivered the impossible—and we have.

And, you are betting on a founder who has never walked away from a challenge—and I will not start now.

But, you are also betting on a Nigeria that is still becoming.

A Nigeria where policies shift, regulators change, and patience is tested.

If you are comfortable with that tension—if you believe, as I do, that the rewards of domestic refining outweigh the risks of regulatory friction—then I welcome you with open arms.

If you are not comfortable—if you require absolute certainty—then I respectfully advise you not to invest.

This is not a bond. It is an equity stake in a living, breathing, wrestling enterprise.

We are listing not because we have eliminated risk.

We are listing because we have decided to share it—with you, our fellow Nigerians—because we believe the upside is worth the ride.

Thank you for your trust. Thank you for your patience. And thank you for believing—as I still do—that Nigeria's best days are ahead of us.


- *Aliko Dangote. Chairman, Dangote Refinery & Petrochemicals FZE*

September 7, 2026.

4willer:
I don't think so. The electronic option will make it easier to control since people will apply using their BVN. Except people want to use multiple BVN and other data sets.

mikeapollo:
[/b]

I don't think so,
Rather, the electronic method could be used to detect and reject duplicate or multiple applications by the same person, which would not be the case if it were purely via hardcopy forms, like it used to be.
The electronic forms could be screened and sifted easily to disqualify or reject some applications

jonnysessy:
The insurance stocks are already down, he that is down needs fear no fall........

chimex38:
Wickedness is that you?

yMcy56:
What a comparison!
Was ZICHIS hyped?
When it was listed, some Ogas also were against the stock while some of us believed in her.

If you believed in your DR, go for it.
No one can prevail on my opinion with cheap blackmail.
DANGREF does not meet my own criteria for now, simple!
When listed, we'll be here to buy if criteria changes to positive......God willing.

Streetinvestor2:
It is absolutely madness for ipo to be 124 billion units. So if he decides to come for PO in future what happens. Even space x na how many units be the OS.Even a sign of greed he still took 84% of this OS to himself. Then releasing balablu statement that the Refinery is national asset or him creating wealth for Nigerians. How now.He just need Nigerians that will make his voice loud anytime his business is threatened by government action. If he so loved Nigerians.He should have made the business ownership 50/50 for himself and Nigerians / government/PP guys

ghm:
The last time I checked, the IPO is not compulsory.

We don't have any legitimate reason to criticise it – we didn't raise any part of the $20B that cooked the meal. We were just invited to eat. We can either take whatever they say is on the menu or quietly pass.

In things like this, there's no monopoly of thought. If your concerns are valid, others will see it that way too. And ultimately, the performance of the IPO and the stock after listing will make the statement for itself.

ppogba:
It is because you don't know that some have the monopoly of knowledge on every mattter on this investment side of Nairaland.

yMcy56:
Awesome posted it above your post

https://mwangocapital.com/wp-content/uploads/2026/09/Dangote-Refinery-Prospectus.pdf

mikeapollo:
The massive fall in prices at this time is adding to potential investors' frustration with Dangote's refinery IPO.
A lot of investors had probably planned to sell some of their shares to buy the IPO. But with this intense price losses, it becomes like a double whammy - selling at a loss (or reduced price) and buying at an expensive price

Monibabakan:
Let me share some information having gone through the propectus (draft):

Pre-IPO

Outstanding Shares - 125,480,769,230

2026 H1 EPS - N20.87

2026 H1 Annualized EPS - N41.74

Annualized P/E ratio based on IPO Price of N525 - 12.58

BVPS - 122.19

PBVPS - 4.30

The experts in the house can also share theirs.
The above not to be take as a financial advice, due diligence advised.

ghm:
The last time I checked, the IPO is not compulsory.

We don't have any legitimate reason to criticise it – we didn't raise any part of the $20B that cooked the meal. We were just invited to eat. We can either take whatever they say is on the menu or quietly pass.

In things like this, there's no monopoly of thought. If your concerns are valid, others will see it that way too. And ultimately, the performance of the IPO and the stock after listing will make the statement for itself.

Monibabakan:
Let me share some information having gone through the propectus (draft):

Pre-IPO

Outstanding Shares - 125,480,769,230

2026 H1 EPS - N20.87

2026 H1 Annualized EPS - N41.74

Annualized P/E ratio based on IPO Price of N525 - 12.58

BVPS - 122.19

PBVPS - 4.30

The experts in the house can also share theirs.
The above not to be take as a financial advice, due diligence advised.

mikeapollo:
Please confirm:
The 125.480769b shares. Is it pre-IPO or post-IPO

Monibabakan:
It is Pre-IPO as I stated in the post.

Streetinvestor2:
Just like u said it is not compulsory for anyone to participate. I have neither asked anyone not participate
It is not equally compulsory for you to comment on my personal opinion. You could read and pass and make your own opinions separately. Now u are sounding like my opinion is your concern too

ppogba:
It is because you don't know that some have the monopoly of knowledge on every mattter on this investment side of Nairaland.

ghm:
To confess, I actually took your post as a personal concern and the reason for not letting it pass. Not letting it pass is not necessarily against you but to help those who are looking for genuine balanced information like myself.

Your post is an emotionally charged rant disguised as financial critique. It demonstrates a fundamental misunderstanding of capital markets, makes unsupported claims about Dangote's character, and relies on logical fallacies rather than evidence.

First, the criticism of the share volume ("124 billion units is madness" is baseless—share count alone is meaningless without context of pricing, market capitalization, and the company's capital structure. Many successful companies issue large volumes to ensure liquidity and broad retail participation. The speculation about a future public offering ("PO" is just that—speculation—and not a valid basis for criticism.

Second, the comparison to Space X is flawed because Space X is an american company listed in America with it's capitalization and sturcture, making any comparison of share structure irrelevant and misleading.

Third, the accusation of greed for retaining 84% ownership ignores that founder-led IPOs typically retain majority control to maintain strategic direction and governance stability. This is standard practice globally, not evidence of bad faith.

Fourth, the dismissal of Dangote's "national asset" statement misrepresents his point—calling the refinery a national asset refers to its strategic economic importance, not its ownership structure. There is no contradiction between private ownership and national significance.

Fifth, the claim that Dangote "just needs Nigerians to make his voice loud" is an unsubstantiated accusation with no evidence. It assumes bad faith and political manipulation without proof.

Sixth, the demand for 50/50 ownership is arbitrary and unrealistic. It disregards the billions of dollars Dangote and his partners invested, the lenders who took risk, and the basic principle that equity belongs to those who funded and built the project. No one who did not contribute capital has a legitimate claim to dictate ownership terms.

Finally, structurally, the post is a disorganized block of text with poor grammar, run-on sentences, and unclear arguments. It jumps from topic to topic without a coherent thread, making it difficult to follow or take seriously.

In short: the post is emotionally driven, factually weak, logically inconsistent, and structurally poor. It offers no data, no market analysis, and no credible alternative—just outrage dressed up as critique.

ghm:
To confess, I actually took your post as a personal concern and the reason for not letting it pass. Not letting it pass is not necessarily against you but to help those who are looking for genuine balanced information like myself.

Your post is an emotionally charged rant disguised as financial critique. It demonstrates a fundamental misunderstanding of capital markets, makes unsupported claims about Dangote's character, and relies on logical fallacies rather than evidence.

First, the criticism of the share volume ("124 billion units is madness" is baseless—share count alone is meaningless without context of pricing, market capitalization, and the company's capital structure. Many successful companies issue large volumes to ensure liquidity and broad retail participation. The speculation about a future public offering ("PO" is just that—speculation—and not a valid basis for criticism.

Second, the comparison to Space X is flawed because Space X is an american company listed in America with it's capitalization and sturcture, making any comparison of share structure irrelevant and misleading.

Third, the accusation of greed for retaining 84% ownership ignores that founder-led IPOs typically retain majority control to maintain strategic direction and governance stability. This is standard practice globally, not evidence of bad faith.

Fourth, the dismissal of Dangote's "national asset" statement misrepresents his point—calling the refinery a national asset refers to its strategic economic importance, not its ownership structure. There is no contradiction between private ownership and national significance.

Fifth, the claim that Dangote "just needs Nigerians to make his voice loud" is an unsubstantiated accusation with no evidence. It assumes bad faith and political manipulation without proof.

Sixth, the demand for 50/50 ownership is arbitrary and unrealistic. It disregards the billions of dollars Dangote and his partners invested, the lenders who took risk, and the basic principle that equity belongs to those who funded and built the project. No one who did not contribute capital has a legitimate claim to dictate ownership terms.

Finally, structurally, the post is a disorganized block of text with poor grammar, run-on sentences, and unclear arguments. It jumps from topic to topic without a coherent thread, making it difficult to follow or take seriously.

In short: the post is emotionally driven, factually weak, logically inconsistent, and structurally poor. It offers no data, no market analysis, and no credible alternative—just outrage dressed up as critique.

Agbalowomeri:
When market collapse finish

Streetinvestor2:
Now I get your position. Your position is personally based on the moniker so I didn't bother reading the remaining trash you wrote. Your type is never in any position and will never be in any position to educate me on the business of stock market..go and verify.
Next time you see my post concerning stocks or any company it will be st.upid of you to quote it.Now get lost from my mention
You can come over to political thread whr your useless opinion will be a waste of time too.As it is obvious whr your anger developed.and linked


On a brighter part of me.Which is my political stand.Obi will make ngx a better place for Nigerians and check mate the corruption by some of the ceo of this listed company. I am happy he equally worked at SEC at a time