Dangote: Refinery Shares Could Rise From N525 To N10,000

President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery, currently being offered at N525 each, could appreciate to as much as N10,000 in the future.

Dangote also assured small-scale investors interested in the refinery’s Initial Public Offering (IPO) that they would receive priority in the allocation of shares.

He made the remarks in Hausa during an interview with Abis Fulani, where he discussed the IPO, its potential returns and the benefits of investing in the refinery.

According to Dangote, retail investors seeking relatively small allocations would be favoured ahead of large institutional investors in the share allocation process.

He said, “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 explained that institutional investors seeking substantial allocations would not necessarily receive the full volume of shares requested.

He added, “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.”

Dangote also highlighted the potential for investors to make significant gains if the value of the shares increases after the refinery is listed.

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.”

Using a hypothetical investment to illustrate the potential returns, he said, “Therefore, if you hold it, having bought it, and it rises to N10,000, where you previously invested N5million, it will now be worth over N50million.”

“You see, you have become wealthy,” he said.

The businessman further said shareholders would have the option of receiving dividends in either naira or dollars, a provision he said could offer some protection against the impact of currency depreciation.

He said, “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,” he added.

According to him, “you can choose to receive your dividend in Naira or in Dollars.”

Dangote said the dollar-denominated option could be particularly beneficial to Nigerians who have financial commitments outside the country.

He said, “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.”

Reflecting on the naira’s depreciation, Dangote said, “Your child won’t have to avoid exchange rate shocks, like when rates moved from N400 up to N1,800.”

He added, “Most children were brought back home as a result. So, what we want to prevent is that kind of situation.”

The Dangote Refinery IPO consists of 4.1 billion ordinary shares priced at N525 each. If fully subscribed, the offer is expected to raise about N2.15 trillion.

The minimum subscription is 10 shares, costing N5,250.

The offer is scheduled to run from September 14 to October 13, 2026.