President of Dangote Industries Limited, Aliko Dangote, has said shares of the Dangote Petroleum Refinery, currently offered at N525, could rise to N10,000 in the future.
Dangote also said small-scale investors would be prioritised in the allocation of shares under the refinery’s Initial Public Offering.
He spoke in Hausa during an interview with Abis Fulani, translated by Google Gemini, while discussing the planned IPO and its potential benefits to investors. The interview was published on Thursday and gained traction on Saturday.
According to Dangote, investors seeking to buy shares worth N50,000, N100,000 and other smaller amounts would receive priority over large institutional investors.
He said, “When you do something like this—what is called an IPO—all the small-scale investors are the ones who will be given priority first.
“The big institutional investors who request large allocations will not get everything they ask for. But the small retail investors who want to buy N50,000 worth, or some buying N100,000 worth, and so on, they are the ones who will be given priority allocations.”
On the potential value of the shares, Dangote said the N525 offer price could eventually rise to N10,000.
He said, “As I was saying, this share, if you look at it, we are currently at N525. A day will come when this share will reach N10,000.
“Therefore, if you hold it, having bought it, and it rises to N10,000, where you previously invested N5m, it will now be worth over N50m. You see, you have become wealthy.”
Dangote also said shareholders could receive dividends in either naira or dollars, which he said could help investors cope with currency depreciation.
He said the dollar option would benefit Nigerians with financial obligations abroad, including parents with children studying in the United Kingdom.
“The benefit of buying it is that holding this share will not prevent you from carrying out your regular work. You hold this share, and when dividends are paid, you won’t need to fear currency devaluation.
“That is because you can choose to receive your dividend in Naira or in Dollars. If you have a child studying at a school in England, for example, even if there is economic instability or currency devaluation—may God protect us—having this means what you receive is in Dollars,” he said.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at N525 each and is expected to raise about N2.15tn if fully subscribed.
The minimum subscription is 10 shares, costing N5,250, while the offer runs from September 14 to October 13, 2026.
Applications will be processed after the offer closes, with investors subsequently informed of their allotments. Applying for a particular number of shares does not guarantee full allotment, especially if the offer is oversubscribed.
The shares are expected to be listed on the Nigerian Exchange Main Board after allotment, with their market price thereafter determined by demand and supply.
Dangote’s N10,000 projection is not a guarantee of future returns. The share price could rise or fall depending on the refinery’s performance, investor sentiment, refining margins, demand and broader economic conditions.
Proceeds from the IPO are expected to support the refinery’s expansion from about 650,000–700,000 barrels per day to 1.4 million barrels per day.
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