Aliko Dangote, President of Dangote Industries Limited, has projected that shares in the Dangote Petroleum Refinery, currently being offered to the public at N525 each, could eventually rise to as high as N10,000.
Speaking in a recent interview, Dangote highlighted the long-term potential of the investment for ordinary Nigerians. “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 said. “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.”
The billionaire industrialist emphasised that the Initial Public Offering (IPO) prioritises small retail investors. Those applying for modest amounts of N50,000 or N100,000 will receive preferential allotment ahead of large institutional investors, with remaining shares distributed thereafter.
The landmark IPO comprises 4.1 billion ordinary shares priced at N525 each and is expected to raise approximately N2.15 trillion if fully subscribed. The minimum subscription is set at just 10 shares, equivalent to N5,250, deliberately designed to enable broad participation by ordinary Nigerians, including workers, traders, drivers and other retail investors. The offer runs from September 14 to October 13, 2026.
Dangote further noted that shareholders will have the option to receive dividends in either naira or US dollars, providing a hedge against currency depreciation. He has described the transaction as an “IPO for the People,” aimed at giving a wide cross-section of Nigerians and Africans an ownership stake in one of the continent’s largest industrial assets.
The Dangote Petroleum Refinery, located in Lekki, Lagos, is Africa’s largest single-train refining facility. Proceeds from the offer are earmarked to support the next phase of expansion, which aims to significantly increase the plant’s production capacity.
Prospective investors are advised that share prices can fluctuate and that past performance or projections do not guarantee future results. Applications do not guarantee full allotment in the event of oversubscription. Full details are available in the approved prospectus.
The offer is being managed by designated issuing houses and can be accessed through approved banks, fintech platforms and the Nigerian Exchange’s digital channels.