Aliko Dangote, President of Dangote Industries Limited, has said investors who buy shares in his petroleum refinery could potentially make significant gains as the company expands, with the refinery’s shares eventually reaching as much as N10,000.
Dangote made the projection while discussing the refinery’s Initial Public Offering, IPO, and the opportunities it could create for ordinary Nigerians and other retail investors.
The refinery’s shares are being offered at N525 each. Dangote said he believes the price could rise substantially in the future, even suggesting that it could reach N10,000 or higher depending on the company’s performance and market conditions.
He said the aim was not to encourage investors to buy the shares and sell them immediately, but to view the investment as a long-term opportunity that could benefit families over time.
Dangote also said small investors would receive priority in the allocation process. According to him, investors seeking to purchase shares worth N50,000 or N100,000 would be prioritised ahead of large institutional investors during the IPO allocation.
The minimum subscription for the IPO is 10 shares, costing N5,250 at the offer price of N525 per share. The offer is scheduled to run from September 14 to October 13, 2026.
Dangote further highlighted the possibility of shareholders receiving dividends in dollars, saying this could provide some protection against naira depreciation for investors with foreign currency obligations.
The IPO involves 4.1 billion shares and is expected to raise about N2.15 trillion. The proceeds will support the refinery’s expansion, including plans to increase its capacity to about 1.4 million barrels of crude oil per day over the next three years.
The refinery has already posted a strong financial turnaround. Reuters reported that it recorded a net profit of $1.82 billion in the first half of 2026, compared with a loss of $476 million for the whole of 2025.
However, Dangote’s N10,000 projection is not a guaranteed future share price. Once listed on the Nigerian Exchange, the value of the shares will depend on factors including the refinery’s financial performance, investor demand, refining margins and broader economic conditions.
The Dangote Refinery IPO is expected to become Africa’s largest IPO, with the company seeking to broaden ownership of the refinery among retail and institutional investors.
