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Dangote Refinery IPO caution discussions have increased in Nigeria after an old shareholder story resurfaced on social media. The video, shared by social commentator VeryDarkMan, tells the story of an investor who bought shares in Dangote Flour Mills almost 20 years ago.
The story has attracted attention at a time when the Dangote Petroleum Refinery Initial Public Offering (IPO) opened on September 14, 2026. The IPO aims to raise ₦2.15 trillion to support the company’s expansion.
While financial advisers have pointed to the refinery’s recent profits, the old investment story has made some investors look more closely at dividend payments, inflation, and the possible long-term returns from investing in shares
Dangote Refinery IPO caution
The viral discussion is about Mr. Sanni Sakariya Abolaji, who bought shares in Dangote Flour Mills during the company’s 2007 public offer. According to dividend certificates shared online, he invested ₦18,000 to buy 1,200 shares at ₦15 per share.
Although he kept the shares for many years, the dividends he received were relatively small compared with what he initially expected from the investment.
Financial analysts looking at the historical case say inflation and the fall in the value of the naira played an important role over the 15-year period. This has added to the Dangote Refinery IPO Caution, as investors consider how inflation can affect the value of their money over time. In 2007, ₦18,000 had much more purchasing power than it does today.
The resurfaced video comes at a time when the public offer for Dangote Petroleum Refinery and Petrochemicals FZE is ongoing. The offer runs from September 14 to October 13, 2026, and is one of the largest equity offerings in the history of the Nigerian Exchange (NGX). The refinery is offering 4.1 billion ordinary shares at a fixed price of ₦525 per share.
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