Dangote urges retail investors to buy refinery shares, says price may hit N10,000

LAGOS — Aliko Dangote, President of Dangote Industries Limited, has said investors who buy shares in the Dangote Petroleum Refinery at the current offer price of N525 could potentially see the shares rise to N10,000 in the future.

Dangote, while speaking in Hausa during an interview with Abis Fulani, also said small retail investors would be given priority in the allocation of shares under the refinery’s planned Initial Public Offering.

He said the IPO structure was designed to ensure that investors seeking smaller allocations were not crowded out by major institutional investors.

“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,” Dangote said.

He noted that institutional investors requesting large volumes of shares would not necessarily receive their full requests.

“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 added.

Dangote predicts N10,000 share price

Speaking about the potential value of the refinery shares after listing, Dangote said investors could make substantial gains if the price appreciates significantly.

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.”

He used a N5 million investment to illustrate the possible increase in value.

“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,” Dangote said.

“You see, you have become wealthy,” he added.

According to the businessman, the investment would not prevent shareholders from continuing with their normal occupations while benefiting from dividends.

“The benefit of buying it is that holding this share will not prevent you from carrying out your regular work,” he said.

“You hold this share, and when dividends are paid, you won’t need to fear currency devaluation,” Dangote added.

He said investors would be able to decide whether to receive their dividends in naira or dollars.

“You can choose to receive your dividend in Naira or in Dollars,” he said.

Dangote said receiving dividends in dollars could be advantageous for Nigerians who have financial obligations outside the country, including parents paying school fees abroad.

“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 said.

He linked the importance of the option to the naira’s depreciation and its effect on families with foreign expenses.

“Your child won’t have to avoid exchange rate shocks, like when rates moved from N400 up to N1,800,” Dangote said.

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

The Dangote Petroleum Refinery IPO consists of 4.1 billion ordinary shares at N525 per share. A full subscription would raise approximately N2.15 trillion, while investors can subscribe to a minimum of 10 shares for N5,250.

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

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