President of Dangote Industries Ltd., Aliko Dangote has said shares in the company’s much‑anticipated petroleum refinery IPO, priced at N525 each, could one day trade as high as N10,000, and that retail investors would be given priority in the allocation of shares.
Speaking in Hausa during an interview with Abis Fulani, Dangote sought to reassure small‑scale applicants that they would not be crowded out by large institutional buyers when the offer is allocated.
“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,” he said.
Dangote said institutional investors seeking large blocks would not necessarily receive the full allocations they request, while individual buyers seeking relatively modest stakes—those purchasing around N50,000 or N100,000 worth of stock—would be favored.
“The big institutional investors who request large allocations will not get everything they ask for. But the small retail investors … they are the ones who will be given priority allocations,” he said.
On possible upside, Dangote painted a bullish picture of long‑term gains.
“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, adding that an investor who today put in N5 million could see the holding exceed N50 million if the price reached that level.
Dangote also said shareholders would be able to choose whether to receive dividends in naira or in U.S. dollars, a mechanism he said could shield investors from local currency depreciation.
“You hold this share, and when dividends are paid, you won’t need to fear currency devaluation,” he said, noting that the dollar option could help Nigerians with obligations abroad, including tuition fees.
The planned IPO comprises 4.1 billion ordinary shares priced at N525 apiece. A full subscription would raise about N2.15 trillion. The minimum subscription—ten shares—would cost N5,250.
The offer is scheduled to run from Sept. 14 to Oct. 13, 2026.
