President of Dangote Industries Limited, Aliko Dangote, has said shares in the Dangote Petroleum Refinery, currently being offered at N525 each under its Initial Public Offering, could rise to as much as N10,000 in the future.
Dangote also said small-scale investors would receive priority in the allocation of shares, ahead of large institutional investors seeking substantial holdings in the refinery.
Speaking in Hausa during an interview with Abis Fulani, Dangote said the structure of the IPO was designed to give retail investors a better opportunity to participate in the ownership of the refinery.
According to him, investors seeking relatively small allocations would be considered before major institutions requesting large volumes of shares.
“When you do something like this, which 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 the full volume of shares they requested, while individuals investing smaller amounts would be prioritized.
He said investors seeking shares worth N50,000, N100,000 or similar amounts would be among those given priority during the allocation process.
Dangote said he believed the refinery’s shares could appreciate significantly after listing, pointing to a possible rise from the current offer price of N525 to N10,000 over time.
“This share, if you look at it, is currently at N525. A day will come when this share will reach N10,000,” he said.
He illustrated the potential return by explaining that an investment of N5 million could grow to more than N50 million if the share price eventually reached that level.
“If you bought it and it rises to N10,000, an investment of N5 million would become worth over N50 million,” he said, adding that such growth could significantly improve an investor’s financial position.
Dangote also said shareholders would have the option of receiving dividends in either naira or dollars, which he said could provide some protection against exchange-rate fluctuations.
He noted that investing in the shares would not interfere with investors’ regular occupations, as shareholders could continue with their normal activities while earning returns from their holdings.
According to him, the option of receiving dividends in dollars could be particularly beneficial for Nigerians with financial commitments outside the country.
Dangote cited the example of parents funding the education of children abroad, saying access to dollar-denominated dividends could reduce the pressure created by sharp depreciation in the value of the naira.
He recalled how exchange-rate movements from around N400 to as high as N1,800 to the dollar had created difficulties for some families, forcing many students to return home from overseas institutions.
He said the proposed dividend structure was intended to offer investors an additional layer of financial flexibility.
The Dangote Petroleum Refinery IPO consists of 4.1 billion ordinary shares priced at N525 each. If fully subscribed, the offer could raise about N2.15 trillion.
The minimum subscription is 10 shares, requiring an investment of N5,250.
The offer is scheduled to open on September 14 and close on October 13, 2026.
