Dangote Industries Limited President Aliko Dangote has projected that shares in the Dangote Petroleum Refinery, currently offered at ₦525 each, could eventually rise to ₦10,000.
Dangote also said small-scale investors would receive priority in the allocation of shares under the refinery’s planned Initial Public Offering, potentially giving retail investors an advantage over large institutional buyers.
He made the remarks in Hausa during an interview with Abis Fulani, with the conversation translated by Google Gemini. The interview was published on Thursday and gained wider attention on Saturday.
Retail Investors To Get Priority
Dangote said investors seeking relatively small allocations would be prioritised before institutional investors requesting substantially larger volumes.
“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.”
He said any remaining shares would subsequently be distributed among other investors.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at ₦525 each. A full subscription would raise approximately ₦2.15tn, while the minimum subscription is 10 shares, costing ₦5,250.
The offer is scheduled to run from September 14 to October 13, 2026.
Dangote Projects Major Share Price Growth
Dangote said the current ₦525 offer price could appreciate significantly after listing, projecting that the shares could eventually reach ₦10,000.
“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.”
However, the projected ₦10,000 value is not a guaranteed future market price or investment return. Once listed, the shares will trade according to demand and supply, while their performance could be influenced by the refinery’s results, investor sentiment, refining margins, demand and wider economic conditions.
Investors May Receive Dividends In Dollars
Dangote also said shareholders could choose to receive dividends in either naira or dollars, arguing that the dollar option could provide some protection against currency depreciation.
“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 recalled the naira’s depreciation against the dollar, saying the exchange rate had moved from about ₦400 to the dollar to ₦1,800.
“So your child won’t have to… avoid exchange rate shocks, like when rates moved from N400 up to N1,800.
“Most children were brought back home as a result. So what we want to prevent is that kind of situation,” he said.
Refinery Targets Capacity Expansion
After the IPO closes, applications will be processed and investors will be informed of their allotments. 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 market demand and supply.
The IPO proceeds are expected to support the refinery’s expansion plans, with the company targeting an increase in refining capacity from about 650,000–700,000 barrels per day to 1.4 million barrels per day.
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