President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery could rise significantly in value in the future.
The shares are currently being offered at N525 each under the refinery’s planned Initial Public Offering.
Dangote said the price could eventually reach N10,000 per share.
He also assured small-scale investors that they would receive priority in the allocation of shares under the IPO.
Small Investors to Get Priority
Dangote made the comments during an interview with Abis Fulani.
He spoke in Hausa during the interview, which was translated using Google Gemini.
The interview was published on Thursday and gained wider attention on Saturday.
According to Dangote, retail investors seeking smaller allocations will be prioritised over large institutional investors.
He specifically mentioned investors seeking to buy shares worth N50,000, N100,000 and similar amounts.
“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.
Dangote explained that institutional investors would not necessarily receive their full requested allocations if demand exceeded the number of shares available.
The remaining shares would then be allocated among other investors.
Dangote Gives N10,000 Price Projection
Dangote also discussed the potential long-term value of the refinery shares.
He noted that the current offer price is N525 but said the value could eventually rise to N10,000.
According to him, an investor who puts N5 million into the shares could see the investment rise to more than N50 million if the share price reaches his projection.
However, the projected N10,000 value is not a guaranteed future market price.
Once the shares are listed, their market value will depend on demand and supply.
Dividends Could Be Paid in Naira or Dollars
Dangote also highlighted what he described as another potential benefit for shareholders.
He said investors could have the option of receiving dividends in either naira or US dollars.
According to him, the dollar option could help shareholders manage the impact of naira depreciation.
He cited Nigerians who have children studying abroad as an example.
Dangote recalled how the naira-dollar exchange rate moved from about N400 to the dollar to around N1,800.
He said such currency movements had created difficulties for families paying school fees and other expenses overseas.
IPO Opens September 14
The Dangote Refinery IPO consists of 4.1 billion ordinary shares priced at N525 each.
A full subscription would raise approximately N2.15 trillion.
The minimum subscription is 10 shares, which costs 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.
Importantly, applying for a specific number of shares does not guarantee that an investor will receive the full amount requested.
This is especially relevant if the IPO is oversubscribed.
The shares are expected to be listed on the Nigerian Exchange Main Board after the allotment process.
Once listed, the market price will be determined by buying and selling activity.
