Aliko Dangote, President of Dangote Industries Limited, has said a N5 million investment in Dangote Petroleum Refinery shares could become more than N50 million if the stock eventually rises to N10,000 per share.
Dangote made the projection in an interview with Abis Fulani while discussing the refinery’s Initial Public Offering.
The refinery is offering 4.1 billion ordinary shares at N525 per share, with the IPO expected to raise about N2.15 trillion if fully subscribed.
“A day will come when this share will reach N10,000,” Dangote said.
He explained that an investor who buys N5 million worth of shares at the current offer price could see the investment rise to more than N50 million if the share reaches his projected value.
Dangote also said retail investors would be prioritised in the allocation of shares, particularly those investing smaller amounts such as N50,000 and N100,000.
He said institutional investors seeking large allocations would not necessarily receive all the shares they request.
The minimum subscription is 10 shares at N5,250, while the offer is scheduled to close on October 13, 2026.
Dangote further said shareholders could receive dividends in either naira or US dollars, which he said could help cushion the impact of currency depreciation.
The refinery shares are expected to be listed on the Nigerian Exchange after the allotment process, with the market price thereafter determined by supply and demand.
However, the N10,000 projection is not a guarantee of future returns. The share price will depend on the refinery’s performance, investor demand, refining margins, market sentiment and wider economic conditions.
Proceeds from the IPO are expected to support the refinery’s expansion, including plans to increase its refining capacity from about 650,000–700,000 barrels per day to 1.4 million barrels per day.
