Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has projected that the Dangote Refinery share price will rise from its proposed offer price of ₦525 to ₦10,000 per share. During an interview with Abis Fulani, published on X (formerly Twitter) on Saturday, September 12, 2026, Dangote stated that an investor who puts ₦5 million into the shares at the current offer price could see the investment grow to more than ₦50 million if the stock reaches ₦10,000.
Dangote's Share Price Projection and Investment Potential
Dangote made the prediction in a post shared by Imran Muhammad, just days before the Initial Public Offering (IPO) opens to the public. He 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. 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."
The comments come after Dangote unveiled details of the refinery’s proposed IPO at a signing ceremony in Lagos on Monday, September 7. Under the proposed offer, investors can subscribe to a minimum of 10 ordinary shares for ₦5,250, based on the ₦525 price per share.
IPO Designed for Ordinary Nigerians
Dangote said the offering was structured to give small investors, including people who can afford ₦50,000 or ₦100,000, an opportunity to secure shares before the remaining allocation is distributed. He described the offering as "The IPO for the People," saying its purpose is to allow ordinary Nigerians and other Africans to participate in the refinery’s growth.
He noted that the relatively low entry requirement was intentional, with workers such as drivers, cooks, domestic staff and managers among those expected to have access to the investment opportunity. Dangote also expressed optimism that investors could benefit from future share-price appreciation and dividends, potentially receiving dividends in either naira or dollars, giving investors another way to protect the value of their holdings.
Potential ₦2.15 Trillion Raise and Market Impact
The proposed sale involves 4.1 billion shares at ₦525 each. If the offer is fully subscribed, it could generate approximately ₦2.15 trillion, potentially making it one of the biggest transactions ever recorded in Nigeria’s capital market.
The highly anticipated IPO is scheduled to open for public subscription on Monday, September 14, 2026, and is expected to attract significant attention from investors and potentially boost activity and market capitalisation on the Nigerian Exchange.
