Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

I Bought Dangote Shares 20 Years Ago at ₦18. Now Another Dangote IPO Is Here

14 Sept 2026 · 2 min

Watch on YouTube

1:56

In this video, Ndubuisi 'Andy' Egwim recounts his first purchase of Dangote shares twenty years ago when he was a 21‑year‑old medical student, buying Dangote Sugar Refinery stock at ₦18 per share. He notes subsequent holdings in Dangote Cement and Dangote Flour, and introduces the upcoming Dangote Petroleum Refinery IPO. He explains the IPO’s mechanics – a minimum subscription of 10 shares costing ₦5,250 (≈$4/£3), a total raise of over ₦2 trillion, and an implied company valuation of about ₦65 trillion (≈$49 billion). While he is seriously considering investing, he emphasizes that the refinery could be a monumental African business yet still be a poor investment if priced incorrectly. The video’s purpose is to walk viewers through his analytical framework: how he evaluates the opportunity, determines appropriate risk exposure, and decides on the size of any position, without issuing a direct buy or sell recommendation.

Chapters

Twenty years ago, I bought my first Dangote shares in an IPO. I was twenty-one, medical student, and the company was Dangote Sugar Refinery. The shares were eighteen naira each, so naira Nigerian currency, which is about the equivalent of fourteen cents back then. So if you're looking at it in dollars, or if you're comparing in British pounds, that's about eight pence. So I bought, but I was able to buy the minimum subscription. I've subsequently owned Dangote Cement and Dangote Flour as well. And now, almost 20 years later, another Dangote company is coming to the public markets. Okay. Except this one is very different. So that's Dangote Petroleum Refinery. The minimum subscription is just 10 shares. That will be ₦5,250. For context, that's about $4 or roughly £3. It sounds incredibly accessible, but that's not the number I'm focused on. More than 2 trillion naira is being raised, and ₦525 per share implies a valuation of about ₦65 trillion. So that's roughly about $49 billion. Now I'll tell you upfront, I'm seriously considering investing. I've weighed the options here, but here's the thing: Dangote Refinery could become one of the greatest businesses ever built in Africa, and And still be a poor investment at the wrong price. So while I'll show you where I'm leaning towards, I'm not going to tell you to buy it and I'm not going to tell you to stay away. What I'm going to do in this video, I'll share my thinking around it and also the decision I'm making towards buying. And if I'm going to buy or not buy, how much I'm going to be buying or how I'm going to determine how much risk exposure. I'm going to share exactly how I'm thinking about it before deciding to put my own money in.