Dangote Projects Refinery Shares Will Hit ₦10,000 From ₦525 Offer Price
By Aboki Forex —
Aliko Dangote has projected that Dangote Refinery shares could rise from the proposed offer price of ₦525 to ₦10,000 per share, a claim that would turn a ₦5 million investment into more than ₦50 million.
Dangote, President and Chief Executive Officer of Dangote Industries Limited, made the projection in an interview with Abis Fulani published on X on Saturday, September 12, 2026, in a post shared by Imran Muhammad. His comments came days before the refinery's initial public offering opens to the public.
What Dangote said
"The share now is ₦525. This share will one day become ₦10,000. So if you buy and it becomes ₦10,000, and you put in ₦5 million, it becomes ₦50 million plus," Dangote said.
"You have become rich, and there is no need to sell. You don't have to fear devaluation. You can choose dividend in naira or in dollars."
He described the offering as "The IPO for the People", saying it was structured to give small investors, including people who can only afford ₦50,000 or ₦100,000, a chance to secure shares before the remaining allocation is distributed. Workers such as drivers, cooks, domestic staff and managers are among those he expects to take part.
The offer in numbers
The proposed sale involves 4.1 billion shares at ₦525 each. If fully subscribed, it could raise approximately ₦2.15 trillion, potentially making it one of the biggest transactions ever recorded in Nigeria's capital market.
Investors can subscribe to a minimum of 10 ordinary shares for ₦5,250, based on the ₦525 price per share. Dangote unveiled the details at a signing ceremony in Lagos on Monday, September 7, 2026.
The IPO is scheduled to open for public subscription on Monday, September 14, 2026, and is expected to draw significant attention from investors and lift activity and market capitalisation on the Nigerian Exchange.
What it means for investors
The pitch rests on two promises: future share price appreciation and the option of dividends in naira or dollars. The dollar dividend option is the part likely to interest Nigerians watching the naira's value closely, since it offers a hedge that few local stocks provide.
But the ₦10,000 target is Dangote's own projection, not a guarantee. Share prices rise and fall with earnings, refining margins and sentiment. Investors putting money into the offer should weigh the low entry point against the fact that the upside depends on a company still ramping up operations.