President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery, offered at ₦525 in its planned Initial Public Offering, IPO, could eventually rise to ₦10,000.
Dangote also said small-scale investors would receive priority in share allocation ahead of large institutional investors.
He made the remarks in Hausa during an interview with Abis Fulani, translated by Google Gemini, while discussing the refinery’s planned IPO.
According to Dangote, investors seeking to buy smaller amounts, such as ₦50,000 or ₦100,000 worth of shares, would be prioritised during the allotment process.
The IPO comprises 4.1 billion shares priced at ₦525 each and could raise about ₦2.15 trillion if fully subscribed. The minimum subscription is 10 shares, costing ₦5,250.
The offer opens on September 14 and closes on October 13, 2026, with the company targeting millions of retail investors.
Dangote said the shares could appreciate significantly after listing, citing a possible rise from ₦525 to ₦10,000.
He also said shareholders could receive dividends in naira or dollars, which he argued could help investors manage the impact of naira depreciation.
The IPO proceeds are expected to support the refinery’s expansion, with Dangote planning to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. The expansion programme is estimated at $14.3 billion.
However, Dangote’s ₦10,000 projection is not a guaranteed future price. Once listed, the shares will trade according to market demand and supply, as well as the company’s performance and broader economic conditions.
