President of Dangote Industries Limited, Aliko Dangote, has expressed confidence in the long-term prospects of the Dangote Petroleum Refinery, projecting that its shares currently being offered at ₦525 could eventually rise to as much as ₦10,000 per share.

Dangote made the projection while discussing the refinery’s planned Initial Public Offering, assuring small-scale investors that they would be prioritised in the allocation of shares.

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

The minimum subscription is 10 shares, meaning an investor can participate with ₦5,250, while the offer is scheduled to run from September 14 to October 13, 2026.

Dangote, who spoke in Hausa during an interview with Abis Fulani, highlighted what he described as the potential benefits of owning shares in the refinery, particularly in protecting investors against the effects of naira depreciation.

He referred to the significant movement in the exchange rate in recent years, noting that the naira had moved from around ₦400 to the dollar to about ₦1,800, a development that placed considerable pressure on families and businesses.

He explained that one of the objectives was to create an investment opportunity that could help Nigerians build wealth and reduce the impact of currency depreciation on their financial plans.

Dangote also used the example of Nigerians paying for their children’s education abroad, arguing that having investments capable of generating value in dollar terms could provide some protection against exchange-rate shocks.

The refinery owner further encouraged small investors to take advantage of the public offer, stressing that they would receive priority during the allocation process.

The planned IPO represents a significant move to broaden Nigerian ownership of the Dangote Refinery, one of the country’s biggest industrial projects.

The refinery, located in the Lekki area of Lagos, has a refining capacity of 700,000 barrels per day and is designed to significantly increase Nigeria’s domestic refining capacity and reduce reliance on imported petroleum products.

Following the close of the offer, applications will be processed and investors will be informed of their allotments. However, applying for a particular number of shares does not guarantee that an investor will receive the full amount requested, particularly if the offer is oversubscribed.

The shares are expected to be listed on the Nigerian Exchange Main Board after the allotment process. Once listed, their market value will be determined by demand and supply rather than remaining fixed at the ₦525 offer price.

While Dangote has projected that the shares could eventually reach ₦10,000, the projection does not represent a guaranteed future return for investors. The eventual market price could rise or fall depending on the refinery’s performance, investor sentiment, refining margins, demand and broader economic conditions.

The Securities and Exchange Commission had earlier approved the IPO, clearing the way for the refinery to raise the proposed ₦2.15 trillion from the Nigerian capital market and giving investors an opportunity to participate in the ownership of the facility.