Dangote Gives Fresh Details On Refinery IPO, Says Shares May Hit ₦10,000

The planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery, currently being offered at ₦525, could rise to as much as ₦10,000 in the future, says President of Dangote Industries Limited, Aliko Dangote.

The IPO is expected to give small-scale investors a better chance of getting shares, with Dangote saying they will be prioritized during the allotment process.

Speaking in Hausa during a recent interview with Abis Fulani, Dangote explained how the IPO would work, saying investors seeking smaller allocations would be given priority over large institutional investors.

He specifically mentioned those looking to invest ₦50,000, ₦100,000 and other smaller amounts.

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.

“The big institutional investors who request large allocations will not get everything they ask for. But the small retail investors who want to buy ₦50,000 worth, or some buying ₦100,000 worth, and so on, they are the ones who will be given priority allocations.”

Dangote said after small-scale investors had been considered, the remaining shares would be distributed among other investors.

Dangote Projects ₦10,000 Future Value

The billionaire businessman also spoke about the possible future value of the refinery shares, saying the current ₦525 offer price could rise significantly.

According to him, the shares could eventually reach ₦10,000.

He said, “As I was saying, this share, if you look at it, we are currently at ₦525. A day will come when this share will reach ₦10,000.

“Therefore, if you hold it, having bought it, and it rises to ₦10,000, where you previously invested ₦5m, it will now be worth over ₦50m. You see, you have become wealthy.”

However, the ₦10,000 figure is Dangote’s projection and does not guarantee that the shares will reach that price after listing.

The eventual market value of the shares will depend on demand and supply, as well as the performance of the refinery, investor sentiment, refining margins, demand and broader economic conditions.

Dangote also said shareholders could have the option of receiving dividends in either naira or dollars.

He said the dollar option could help investors protect themselves against the effect of currency depreciation, particularly those with financial commitments outside Nigeria.

He gave the example of parents whose children are studying in the United Kingdom.

Dangote 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.

“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 recalled the sharp depreciation of the naira against the dollar, saying the exchange rate had moved from about ₦400 to the dollar to as high as ₦1,800.

“So your child won’t have to… avoid exchange rate shocks, like when rates moved from ₦400 up to ₦1,800.

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

This online medium reports that the Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at ₦525 each.

A full subscription is expected to raise about ₦2.15 trillion, while the minimum subscription is 10 shares, costing ₦5,250.

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 as announced by the Dangote Group.