President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery, currently offered at ₦525 per share, could rise to as much as ₦10,000 in the future.

Dangote made the projection while explaining details of the planned Initial Public Offering (IPO) of the refinery during a recent interview with Abis Fulani, where he spoke in Hausa.

He also disclosed that small-scale investors would receive priority in the allocation of shares under the IPO, saying investors seeking smaller amounts would be considered ahead of large institutional investors.

According to him, individuals seeking to invest ₦50,000, ₦100,000 and other relatively small amounts would be prioritised during the allotment process.

“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 explained that institutional investors requesting large allocations might not receive all the shares they applied for, while retail investors would be given priority before the remaining shares are allocated to other categories of investors.

On the potential future value of the shares, Dangote said investors who buy at the current offer price could potentially see significant gains if the share price rises over time.

“As I was saying, this share, if you look at it, we are currently at ₦525. A day will come when this share will reach ₦10,000,” he said.

Dangote illustrated the potential gain by saying an investment of ₦5 million could be worth more than ₦50 million if the share price eventually reaches ₦10,000.

However, the ₦10,000 figure remains a projection and does not guarantee that the shares will attain that price. The eventual market value will depend on several factors, including the refinery’s financial performance, investor demand, refining margins, market conditions and broader economic developments.

Dangote also said shareholders could have the option of receiving dividends in either naira or US dollars.

He said the dollar dividend option could help investors manage the impact of naira depreciation, particularly for those with financial obligations outside Nigeria.

Using parents with children studying in the United Kingdom as an example, Dangote said dollar-denominated dividends could provide some protection against exchange-rate fluctuations.

He recalled the significant depreciation of the naira against the dollar, noting that the exchange rate had moved from around ₦400 to the dollar to as high as ₦1,800.

“So your child won’t have to… avoid exchange rate shocks, like when rates moved from ₦400 up to ₦1,800,” he said.

The planned Dangote Refinery IPO comprises 4.1 billion ordinary shares priced at ₦525 each. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion.

The minimum subscription is 10 shares, costing ₦5,250.

The offer is scheduled to run from September 14 to October 13, 2026, after which applications will be processed and investors informed of their respective allotments.