President of Dangote Group, Aliko Dangote, has said shares of the Dangote Refinery, currently priced at N525 under its planned Initial Public Offering (IPO), could potentially rise to N10,000 in the future.
Dangote made the disclosure during an interview with Abis Fulani while discussing the potential benefits of investing in the refinery’s IPO, which is scheduled to commence on September 14, 2026.
According to the billionaire businessman, an investor who puts N5 million into the Dangote Refinery IPO at N525 per share could see the value of the investment rise to more than N50 million if the share price eventually reaches N10,000.
He explained that such an increase would represent a significant gain for investors, particularly small-scale investors who participate in the IPO.
“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.
“Therefore, if you hold it, having bought it, and it rises to N10,000, where you previously invested N5m, it will now be worth over N50m. You see, you have become wealthy.”
Dangote also emphasised that the 700,000-barrel-per-day refinery is prioritising smaller investors as part of the IPO process.
“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.
His comments come as investors await the refinery’s proposed listing on the Nigerian stock market, with attention focused on the potential opportunities associated with the IPO.
The Dangote Refinery, which debuted in May 2023, reportedly recorded revenue of about N19.47 trillion ($13.91 billion) and a Profit After Tax of approximately N2.55 trillion ($1.82 billion) in the first half of 2026.
If the refinery’s share price were to rise from N525 to N10,000, that would represent an increase of approximately 1,805 percent, according to the figures cited by Dangote.
