President of Dangote Industries Limited, Aliko Dangote, has said shares in the Dangote Petroleum Refinery, currently priced at N525 under its Initial Public Offering, could rise to as much as N10,000 in the future.

Dangote also assured small-scale investors participating in the IPO that they would be given priority in the allocation of shares.

He made the remarks in Hausa during an interview with Abis Fulani, which was translated by Google Gemini. The interview, published on Thursday, gained traction on social media on Saturday.

Dangote said retail investors looking to purchase shares worth N50,000, N100,000 and other smaller amounts would be prioritised over large institutional investors in the allocation process.

He said, “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.

 

“The big institutional investors who request large allocations will not get everything they ask for. But the small retail investors who want to buy N50,000 worth, or some buying N100,000 worth, and so on, they are the ones who will be given priority allocations.”

He said the remaining shares would then be allocated among other investors.

On the potential value of the shares, Dangote said the current N525 offer price could rise significantly over time, projecting that it could eventually reach N10,000.

He said, “As I was saying, this share, if you look at it, we are currently at N525. A day will come when this share will reach N10,000.

“Therefore, if you hold it, having bought it, and it rises to N10,000, where you previously invested N5m, it will now be worth over N50m. You see, you have become wealthy.”

Dangote further said shareholders would have the option of receiving dividends in either naira or dollars, noting that the dollar-denominated option could help protect investors against the impact of currency depreciation.

He said the dollar-denominated option would be particularly beneficial to Nigerians with financial commitments abroad, including parents with children studying in the United Kingdom.

Dangote said, “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.

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

He recalled the sharp depreciation of the naira against the dollar, noting that the exchange rate had risen from around N400/$ to about N1,800/$.

“So your child won’t have to… avoid exchange rate shocks, like when rates moved from N400 up to N1,800.

“Most children were brought back home as a result. So what we want to prevent is that kind of situation,” he gosaid.

The Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at N525 each. The offer is expected to raise about N2.15tn if fully subscribed, while investors can subscribe for a minimum of 10 shares at a cost of N5,250.

The offer is scheduled to run from September 14 to October 13, 2026.

After the offer closes, applications will be processed and investors will be notified of their allotments. However, applying for a specific number of shares does not guarantee that an investor will receive the full amount requested, particularly if the offer is oversubscribed.

The shares are expected to be listed on the Nigerian Exchange Main Board after the allotment process, with their market price subsequently determined by demand and supply.