President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery, currently offered at N525, could rise to as much as N10,000 in the future.
Dangote also assured small-scale investors that they would receive priority in the allocation of shares under the refinery’s Initial Public Offering.
He made the remarks in Hausa during an interview with Abis Fulani, which was translated using Google Gemini. The interview, published on Thursday, gained attention on Saturday.
According to Dangote, retail investors seeking to purchase smaller amounts of shares, including investments of N50,000 and N100,000, would be prioritised ahead of large institutional investors.
“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,” he said.
He explained that institutional investors requesting large allocations might not receive all the shares they applied for, while smaller investors would be given priority.
Dangote also spoke about the potential long-term value of the refinery’s shares, saying the current offer price of N525 could eventually rise significantly.
“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,” he said.
He illustrated the potential gain by saying an investment of N5m could become worth more than N50m if the share price eventually reaches N10,000.
Dangote further said shareholders could choose to receive dividends in either naira or US dollars, arguing that the option would help investors protect their earnings against currency depreciation.
He said the dollar dividend option could particularly benefit Nigerians with financial obligations abroad, including parents whose children study in the United Kingdom.
Dangote recalled the significant depreciation of the naira against the dollar, noting that the exchange rate had risen from about N400 to the dollar to around N1,800.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at N525 each. A full subscription is expected to raise about N2.15tn, while the minimum subscription is 10 shares, costing N5,250.
The offer is scheduled to run from September 14 to October 13, 2026.
After the offer closes, applications will be processed and investors will be informed of their allotments. However, applying for a particular number of shares does not guarantee that an investor will receive the full amount requested, particularly if the offer is oversubscribed.
The shares are expected to be listed on the Nigerian Exchange Main Board after the allotment process, after which their market price will be determined by demand and supply.
While Dangote projected that the shares could eventually reach N10,000, the N525 offer price does not guarantee a future market price or investment return.
The share price could rise or fall after listing 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, with the company planning to increase its refining capacity from about 650,000–700,000 barrels per day to 1.4 million barrels per day.
