Dangote Reveals Fresh Details On Refinery IPO, Says Shares Could Hit ₦10,000

President of Dangote Industries Limited, Aliko Dangote, has said shares being offered under the Dangote Petroleum Refinery Initial Public Offering (IPO) could rise significantly from the current offer price of ₦525 to as much as ₦10,000 in the future.

According to Ireporter Online, Dangote made the remarks during a recent interview with Abis Fulani, where he explained how the refinery’s IPO would accommodate small-scale investors.

The billionaire businessman said retail investors seeking relatively small allocations would receive priority during the allotment process ahead of large institutional investors.

He specifically mentioned investors seeking to purchase shares worth ₦50,000, ₦100,000 and similar amounts, saying such investors would not be crowded out by institutions seeking significantly larger 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,” Dangote said.

He explained that institutional investors requesting large allocations would not necessarily receive everything they applied for, adding that shares would first be allocated to smaller retail investors before the remaining shares were distributed.

Dangote also expressed optimism about the potential long-term value of the refinery’s shares, saying investors who buy at the current price could potentially benefit substantially if the stock appreciates.

“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,” he said.

Using a ₦5 million investment as an illustration, Dangote said such an investment could theoretically be worth more than ₦50 million if the share price eventually reached ₦10,000.

He, however, did not suggest that the projected ₦10,000 price was guaranteed. The future market value of the shares will depend on factors including demand and supply, the refinery’s performance, investor sentiment, refining margins and wider economic conditions.

Dangote further disclosed that shareholders could have the option of receiving dividends in either naira or US dollars.

He said the dollar-denominated option could provide some protection against the impact of naira depreciation, particularly for Nigerians with financial obligations abroad.

Dangote cited parents whose children are studying in the United Kingdom as an example, saying receiving dividends in dollars could help reduce exposure to fluctuations in the naira-dollar exchange rate.

“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 said.

“That is because you can choose to receive your dividend in Naira or in Dollars,” he added.

Dangote also recalled the significant depreciation of the naira against the dollar, noting that the exchange rate had moved from around ₦400 to the dollar to as high as ₦1,800.

He said such currency pressures had contributed to difficulties for families meeting expenses abroad and argued that dollar-denominated dividends could help investors manage some of those risks.

Meanwhile, the Dangote Petroleum Refinery IPO comprises 4.1 billion ordinary shares offered at ₦525 per share.

A full subscription would raise approximately ₦2.15 trillion, while the minimum subscription is 10 shares at a cost of ₦5,250.

The offer is scheduled to run from September 14 to October 13, 2026, after which applications will be processed and investors informed of their respective allotments.