President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery, currently offered at N525 per share, could rise to as much as 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, ahead of large institutional investors.
He made the remarks in Hausa during an interview with Abis Fulani, translated by Google Gemini, while discussing the planned IPO and its potential benefits to investors.
According to Dangote, investors applying for relatively small amounts, including N50,000 and N100,000, would receive priority during the allocation process.
“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 seeking large allocations would not necessarily receive all the shares they requested, while smaller retail investors would be prioritised.
Dangote also expressed optimism about the long-term value of the refinery’s shares, saying the current offer price of N525 could eventually rise to 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,” he said.
He illustrated the potential gain by saying an investment of N5 million could be worth more than N50 million if the share price eventually reached N10,000.
Beyond capital appreciation, Dangote said shareholders would benefit from dividends, which he said could be paid in either naira or US dollars.
He argued that the dollar dividend option could help investors manage the impact of naira depreciation, particularly Nigerians with financial commitments abroad.
Dangote recalled the depreciation of the naira from about N400 to the dollar to around N1,800, saying exchange-rate volatility had affected families with children studying overseas.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares at N525 each, with the offer expected to raise about N2.15 trillion if fully subscribed.
The minimum subscription is 10 shares, costing N5,250.
The offer is scheduled to run from September 14 to October 13, 2026. Following the close of the offer, applications will be processed and investors notified of their allotments.
However, applying for a particular number of shares does not guarantee that an investor will receive the full amount requested, especially if the offer is oversubscribed.
The refinery’s shares are expected to be listed on the Main Board of the Nigerian Exchange after the allotment process, with the market price thereafter determined by demand and supply.