By TheDailyNewsHub
Dangote Group President, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery could eventually rise from the offer price of ₦525 to as much as ₦10,000, as the company prepares to open its Initial Public Offering (IPO) to investors.
Dangote made the projection while discussing the planned IPO and the potential benefits of investing in the refinery. He said small-scale investors would be prioritised in the allocation of shares ahead of large institutional investors.
According to reports of the interview, Dangote said investors purchasing relatively small amounts, including those investing ₦50,000 or ₦100,000, would receive priority before larger institutional applications are considered.
“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,” Dangote said.
He illustrated the potential upside by saying that an investor who put ₦5 million into the shares at the current offer price could see the value of the investment rise to more than ₦50 million if the share eventually reached ₦10,000.
Dangote also said shareholders would have the option of receiving dividends in either naira or US dollars, arguing that the dollar option could help investors with foreign-currency obligations manage the impact of naira depreciation.
The comments come ahead of the refinery’s much-anticipated public offer. The official Dangote IPO website lists the offer price at ₦525 per share, with a minimum subscription of 10 shares, costing ₦5,250. The offer is scheduled to open on September 14, 2026, and close on October 13, 2026.
The offer comprises about 4.1 billion ordinary shares and could raise approximately ₦2.15 trillion if fully subscribed. The refinery is targeting broad participation, including millions of retail investors, with the proceeds expected to support its expansion plans.
The refinery currently has a refining capacity of about 700,000 barrels per day, while the company plans to expand capacity to approximately 1.4 million barrels per day.
However, Dangote’s ₦10,000 projection should not be interpreted as a guaranteed return. The ₦10,000 figure is his projection of what the shares could be worth in the future. Once listed on the Nigerian Exchange, the actual share price will depend on factors including the company’s financial performance, profitability, market demand, investor sentiment and broader economic conditions.
The official IPO website itself warns prospective investors that the value of shares can rise or fall and that investors may not recover the amount they invest. It also advises investors to read the prospectus and consult authorised financial advisers before subscribing.
The proposed listing has already generated significant interest among Nigerian investors. Economist Bismarck Rewane recently urged Nigerians to consider investing in the refinery rather than selling their Permanent Voter Cards for short-term financial gain, arguing that share ownership could encourage a stronger culture of long-term investment.
For investors considering the offer, the key distinction is that ₦525 is the current IPO offer price, while ₦10,000 is Dangote’s future projection—not the guaranteed market value of the shares.