Aliko Dangote, President of Dangote Industries Limited, has indicated that shares in the Dangote Petroleum Refinery, currently priced at ₦525 each under its initial public offering, may climb to ₦10,000 in the future.
Speaking during an interview on the public offer and its value for investors, Dangote said retail applicants would be given priority in share allotments. Investors applying for ₦50,000, ₦100,000 or other modest amounts would be served ahead of large institutional buyers. He noted that institutions might not be allotted every share they seek, since remaining shares would be distributed after smaller investors have been accommodated.
Shareholders, he added, would be able to collect dividends in either naira or dollars. The dollar alternative could suit investors with foreign-currency commitments while cushioning the impact of naira depreciation on their dividend earnings.
The offer involves 4.1 billion ordinary shares at ₦525 apiece, with full subscription projected to generate approximately ₦2.15 trillion. The minimum subscription is 10 shares, equivalent to ₦5,250. The IPO opened on September 14 and is due to close on October 13, 2026.
After the offer closes, the shares are expected to be admitted to the Main Board of the Nigerian Exchange, where trading will determine their price through demand and supply. Although Dangote projected a possible ₦10,000 level, the company stressed that the offer price does not guarantee any future market value or investment return.
Proceeds from the IPO are expected to fund the refinery's expansion, with the company planning to lift refining capacity from roughly 650,000–700,000 barrels per day to 1.4 million barrels per day.
