Projected Growth and the Dangote IPO

The Group Managing Director of Sujimoto, Dr. Sijibomi Ogundele, has projected that shares of Dangote Petroleum Refinery and Petrochemicals could see a massive surge in value. Currently being offered at ₦525 per share in a proposed Initial Public Offering (IPO), Ogundele suggests the price could rise to ₦5,000 before the year 2030.

Describing Alhaji Aliko Dangote as a "beast of industry," Ogundele noted that the refinery is offering 4.1 billion shares, targeting approximately ₦2.15 trillion. With a minimum subscription of 10 shares, the offering is designed to allow ordinary Nigerians, from artisans to executives, to participate in industrial wealth creation.

Whether you are a gate man, janitor, driver, young graduate, general manager or billionaire, Dangote Petroleum Refinery and Petrochemicals is offering 4.1 billion shares at ₦525 each, targeting about ₦2.15 trillion. With a minimum subscription of ten shares, participation begins at ₦5,250. Millions of Africans have spent years buying Dangote products. Everyday Nigerians can now consider owning part of the enterprise producing that value.

— Dr. Sijibomi Ogundele, Group Managing Director, Sujimoto

Shifting the Economic Model

Reflecting on a visit to the refinery in Ibeju-Lekki five years ago, Ogundele argued that the project represents a vital shift in Nigeria's long-standing economic habit of exporting raw materials and importing finished products. He characterized the current model as one where Nigeria surrenders value addition to foreign entities.

He stressed that the refinery's significance should be viewed globally, as it addresses the "mirage" of abundance where a nation owns resources but lacks the capacity to process them. This shift is essential for achieving President Bola Tinubu’s target of a $1 trillion economy.

Our old economic habit has cost Africa dearly. We grow the yam, send it abroad to be pounded, then start looking for scarce dollars to buy our own pounded yam back. We pump crude and import fuel. We export raw materials and import finished prosperity, leaving the promise of abundance dissolving into a searing mirage in the psyche of every Nigerian.

— Dr. Sijibomi Ogundele, Group Managing Director, Sujimoto

A Call for National Industrial Champions

Ogundele argued that Nigeria’s ultimate success should not depend on a single entrepreneur but on the creation of an environment that produces multiple industrial giants across various sectors. He called for the emergence of "ten more Dangotes" specializing in steel, pharmaceuticals, agriculture, technology, and housing across different geopolitical zones.

To achieve this, he suggested the government provide proven industrialists with patient capital, critical infrastructure, and predictable policies. In exchange, the state should demand measurable outcomes in terms of job creation, technology transfer, and local supply chain development.

The government must bring together ten proven Nigerian industrialists across ten strategic sectors and ask each one what it would take to build a globally competitive Nigerian enterprise within the next decade and scale it into a unicorn project. Give them patient capital, critical infrastructure and predictable policy where justified, but demand measurable outcomes.

— Dr. Sijibomi Ogundele, Group Managing Director, Sujimoto

Legacy and Entrepreneurial Destiny

Beyond market capitalization, Ogundele believes the refinery’s greatest dividend will be the inspiration it provides to a new generation of entrepreneurs. He urged young Nigerians not to let a lack of privilege or connections dictate their economic potential, citing the need for competence and credibility over "influential networks."

At Sujimoto, this philosophy is reflected in a shift toward making productive assets more efficient. Ogundele questioned why luxury assets often remain economically dormant and encouraged businesses to find ways to allow customers to participate in the value created by their assets.

There is no need to romanticise struggle because poverty is not a strategy, but neither should lack of privilege be promoted from a disadvantage into a life sentence. The absence of a powerful uncle should never become the presence of a permanent excuse.

— Dr. Sijibomi Ogundele, Group Managing Director, Sujimoto