Aliko Dangote, President of Dangote Industries Limited, has expressed confidence that shares of the Dangote Petroleum Refinery could rise significantly in value, projecting that the current N525 offer price could eventually reach N10,000 per share.
Dangote made the projection while discussing the proposed Initial Public Offering (IPO) of the refinery and its potential benefits to investors.
Speaking in Hausa during an interview with Abis Fulani, the billionaire businessman also assured small-scale investors that they would receive priority in the allocation of shares under the offer.
According to Dangote, retail investors seeking to purchase relatively small amounts of shares would be prioritized ahead of large institutional investors.
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He explained that investors seeking shares worth N50,000, N100,000 or similar amounts would be given priority, while institutional investors requesting substantially larger allocations might not receive all the shares they apply for.
“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,” Dangote said.
He added that the arrangement was designed to give ordinary Nigerians an opportunity to participate in the ownership of the refinery.
Dangote projects huge returns for investors
Dangote also highlighted the potential for capital appreciation, pointing to the possibility of the refinery’s shares increasing substantially after listing.
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According to him, shares currently being offered at N525 could one day reach N10,000.
Using an example, Dangote said an investor who put N5 million into the shares at the current offer price could see the investment rise to more than N50 million if the share price eventually reaches N10,000.
He said such an increase would significantly boost the wealth of long-term shareholders.
However, Dangote’s N10,000 projection represents his expectation of the potential future value of the shares and is not a guaranteed return or forecast by the stock market. The actual market value after listing would depend on the refinery’s performance, investor demand, profitability, economic conditions and other market factors.
Dividends could be paid in naira or dollars
The Dangote Group president also highlighted what he described as another potential advantage of owning shares in the refinery: the option for shareholders to receive dividends in either naira or US dollars.
Dangote said the dollar-denominated option could help investors manage the impact of naira depreciation, particularly Nigerians with financial obligations outside the country.
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He cited parents with children studying in countries such as the United Kingdom as an example, saying dollar dividends could provide some protection against exchange-rate volatility.
Dangote recalled how the naira’s depreciation from exchange rates around N400 to significantly higher levels had created difficulties for families paying overseas school fees.
He said the proposed arrangement could help investors meet such foreign-currency obligations without being as exposed to exchange-rate shocks.
N2.15 trillion IPO
The Dangote Petroleum Refinery IPO comprises 4.1 billion ordinary shares priced at N525 each.
If fully subscribed, the offer is expected to raise approximately N2.15 trillion.
The minimum subscription is 10 shares, meaning an investor can participate with as little as N5,250 at the offer price.
The IPO is scheduled to open on September 14, 2026, and close on October 13, 2026.
The proposed listing represents a major step in opening ownership of one of Africa’s largest oil-refining projects to the Nigerian investing public.
For investors, the key attraction will be the refinery’s future profitability and potential share-price appreciation, while the risks will include market volatility, business performance, regulatory developments and broader economic conditions.
