By Aliko Dangote, President of Dangote Industries Limited, has projected that shares in the Dangote Petroleum Refinery, currently priced at N525 in its upcoming public offer, could eventually climb as high as N10,000, while pledging that small-scale investors would be given priority when shares are allocated.
Small Investors to Get First Priority
Speaking in Hausa during an interview with Abis Fulani, translated by Google Gemini and published Thursday before gaining wider attention on Saturday, Dangote addressed the mechanics of the IPO and what it could mean for everyday Nigerians looking to invest.
According to Dangote, retail investors applying for smaller amounts, such as N50,000 or N100,000 worth of shares, would be prioritised over large institutional investors seeking bigger allocations.
“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,” Dangote said, adding that remaining shares would then be distributed among other investors.
Projecting a Sharp Rise in Share Value
On where the share price could eventually head, Dangote pointed to significant upside from the current N525 offer price, suggesting it could climb as high as N10,000 over time.
Read Also: Dangote Refinery IPO: Complete Guide to Buying Shares and What Happens After You Apply
“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 said.
Dividend Flexibility to Guard Against Currency Depreciation
Dangote also highlighted a planned feature allowing shareholders to receive dividends in either naira or dollars, framing the option as a hedge against currency devaluation, particularly for Nigerians with financial commitments abroad, such as parents supporting children studying overseas.
Read Also: Full List: 32 Approved Channels to Purchase Dangote Refinery IPO Shares
“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.
Dangote pointed to the naira’s sharp depreciation in recent years as the kind of scenario the dollar dividend option is designed to cushion against, recalling how the exchange rate moved from roughly 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.
IPO Details
The Dangote Refinery IPO consists of 4.1 billion ordinary shares priced at N525 each, with a full subscription expected to raise approximately N2.15tn.
The minimum subscription stands at 10 shares, costing N5,250, and the offer window runs from September 14 to October 13, 2026.
Once the offer closes, applications will be processed and investors notified of their allotments. Requesting a specific number of shares does not guarantee receiving the full amount, particularly if the offer proves oversubscribed.
Following allotment, the shares are expected to list on the Nigerian Exchange Main Board, after which market forces of demand and supply will determine their trading price.
While Dangote’s N10,000 projection points to substantial potential upside, the N525 offer price carries no guarantee of future value, and the shares could move up or down after listing depending on company performance, investor sentiment, refining margins and broader economic conditions.
Proceeds from the IPO are expected to fund the refinery’s planned expansion, which aims to lift refining capacity from its current level of roughly 650,000 to 700,000 barrels per day to 1.4 million barrels per day.
