Dangote Industries Limited President, Aliko Dangote, has said shares in the Dangote Petroleum Refinery, currently priced at N525, could rise to N10,000 in the future.
He also said small-scale investors would get priority in the refinery’s planned Initial Public Offering (IPO), ahead of large institutional investors.
Dangote made the remarks in Hausa during an interview with Abis Fulani, translated by Google Gemini. The interview was published on Thursday and gained attention on Saturday.
He said investors buying shares worth N50,000, N100,000 and other smaller amounts would receive priority.
“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 remaining shares would then be shared among other investors.
Dangote said the N525 share could eventually reach N10,000.
“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.”
He added that shareholders could receive dividends in naira or dollars, which could help protect them from 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.”
Dangote recalled the naira’s fall from about N400 to the dollar to N1,800.
“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.
The IPO consists of 4.1 billion ordinary shares at N525 each. Full subscription would raise about N2.15tn, while the minimum subscription is 10 shares costing N5,250.
The offer is scheduled for September 14 to October 13, 2026. After the offer, applications will be processed and investors informed of their allotments. Investors may not receive all the shares they request if the offer is oversubscribed.
The shares are expected to be listed on the Nigerian Exchange Main Board after allotment. Their market value will then depend on demand and supply.
Dangote’s N10,000 projection does not guarantee that price or any future return. The shares could rise or fall based on the refinery’s performance, investor sentiment, refining margins, demand and wider economic conditions.
Funds raised are expected to support expansion, with the refinery planning to increase capacity from about 650,000–700,000 barrels per day to 1.4 million barrels per day.
