Trending 
President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery, currently priced at N525, could eventually rise to N10,000.
Dangote also said small-scale investors would be prioritised in the allocation of shares under the refinery’s planned Initial Public Offering (IPO).
He made the remarks in Hausa during an interview with Abis Fulani, while discussing the IPO and its potential benefits to investors.
The interview was published on Thursday and gained traction on Saturday.
According to Dangote, retail investors seeking to purchase shares worth N50,000, N100,000 or other smaller amounts would receive priority over large institutional investors.
He said institutional investors seeking large allocations would not necessarily receive their full requests, while smaller investors would be prioritised before the remaining shares were distributed.
“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,
Dangote said the refinery’s N525 share price could rise substantially, projecting it could eventually reach N10,000.
He explained that an investor who purchased N5 million worth of shares at the current offer price could see the value of the investment rise to more than N50 million if the share price reached 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 would have the option of receiving dividends in either naira or dollars, which he said could help protect investors against currency depreciation.
He noted that the dollar dividend option could be particularly useful for Nigerians with financial obligations abroad, including parents paying for their children’s education in the United Kingdom.
According to Dangote, shareholders could continue with their regular work while holding the refinery shares and benefit from dividend payments without being as exposed to naira 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 said.
He recalled the sharp movement in the naira-dollar exchange rate from about N400 to the dollar to N1,800, saying such currency pressures had affected families with children studying abroad.
Dangote said the proposed dollar dividend option was intended to help prevent investors from facing similar exchange-rate pressures.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at N525 each. A full subscription is expected to raise about N2.15 trillion, 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. Applying for a specific 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 value or return for investors.
The share price could rise or fall after listing depending on the company’s performance, investor sentiment, refining margins, demand and broader economic conditions.
The IPO proceeds 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.
