President of Dangote Industries Limited, Aliko Dangote, has said shares of the Dangote Petroleum Refinery could rise from the current offer price of N525 to N10,000 in the future.

Dangote made the projection while speaking about the refinery’s planned Initial Public Offering, which is expected to allow Nigerians to invest in the company.

He said small-scale investors would be given priority in the allocation of shares, ahead of large institutional investors.

According to him, Nigerians applying for shares worth N50,000, N100,000 and other smaller amounts would be prioritised during the allocation process.

The refinery is offering 4.1 billion ordinary shares at N525 per share, with the IPO expected to raise about N2.15tn if fully subscribed.

The minimum subscription is 10 shares, costing N5,250. The offer will open on September 14 and close on October 13, 2026.

Dangote said investors could record significant gains if the share price appreciates after the refinery is listed on the Nigerian Exchange.

Using the current offer price as an example, he said an investment of N5m could become worth more than N50m if the share price eventually reaches N10,000.

He also said shareholders would have the option of receiving dividends in either naira or dollars.

Dangote said the dollar dividend option could help investors manage the effect of naira depreciation, particularly Nigerians with financial commitments outside the country.

He referred to the movement of the naira from about N400 to the dollar to around N1,800, noting that such exchange rate changes had increased the cost of overseas expenses.

The Dangote Refinery shares are expected to be listed on the Nigerian Exchange after the IPO and allotment process. Their market value after listing will depend on demand and supply.

However, Dangote’s N10,000 projection is not a guaranteed future price, as the shares could rise or fall depending on the refinery’s performance, investor confidence, market conditions and broader economic developments.

Funds raised through the IPO are expected to support the refinery’s expansion, with plans to increase its refining capacity from about 650,000–700,000 barrels per day to 1.4 million barrels per day.