President of Dangote Industries Limited, Aliko Dangote, has said shares in the Dangote Petroleum Refinery, currently priced at ₦525 each under its proposed Initial Public Offering, could appreciate significantly in the future, predicting that the value may one day rise to ₦10,000 per share.
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Dangote, who spoke in Hausa during an interview with Abis Fulani, said small-scale and retail investors would be given priority in the allocation of shares ahead of large institutional investors.
According to him, the company wants ordinary Nigerians investing relatively smaller sums to have a meaningful opportunity to participate in the refinery’s ownership.
“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 large institutional investors seeking significant allocations may not receive everything they apply for, while individuals investing amounts such as ₦50,000 or ₦100,000 would be prioritised.
“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,” he said.
Speaking on the potential value of the shares after listing, Dangote expressed confidence that investors who hold their shares could record substantial appreciation.
“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.
He illustrated his projection by saying an investment of ₦5 million could become worth more than ₦50 million if the share price eventually rises substantially.
“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,” he said.
Dangote also said shareholders would have the option of receiving dividends in either naira or dollars, describing the arrangement as a potential protection against currency depreciation.
“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.
According to him, investors could choose to receive their dividends in either currency, an option he said could be particularly useful to Nigerians who have financial obligations abroad, including parents paying school fees for children studying overseas.
“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,” Dangote said.
He recalled the sharp depreciation of the naira in recent years, noting that exchange-rate movements had placed significant pressure on families with foreign-currency obligations.
Dangote said the refinery’s IPO comprises 4.1 billion ordinary shares at ₦525 each. A full subscription would raise about ₦2.15 trillion, while the minimum subscription of 10 shares would cost ₦5,250. The offer is scheduled to run from September 14 to October 13, 2026.
Dangote’s projection that the shares could eventually reach ₦10,000 remains an expression of his expectation about their future performance and not a guaranteed return to investors.
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