Dangote Says Refinery Shares Could Reach ₦10,000, Investors Could Become Millionaires

Aliko Dangote has said investors who buy and hold shares in Dangote Petroleum Refinery and Petrochemicals could potentially build significant wealth if the company’s share price rises substantially in the coming years.

Speaking during an interview with Arise News, Dangote discussed the refinery’s newly launched Initial Public Offering (IPO) on the Nigerian Exchange and expressed optimism about the long-term value of the shares.

The refinery’s shares are being offered at ₦525 each, but Dangote said the price could eventually rise to between ₦5,000 and ₦10,000, depending on market conditions and the company’s performance.

Asked whether he expected the shares to reach about ₦10,000, Dangote responded: “I pray so, yes.”

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When pressed on whether he believed such a rise was possible, he said it could happen, pointing to examples of shares that had increased significantly after listing.

“But our own, it will get to maybe 5, 10,000,” Dangote said.

He then gave an example of how a relatively small investment could potentially grow substantially if the share price performs as he expects.

“So, at least what you are looking at, if you invest something like maybe N100,000, you know, within one year, two years or so, you are talking about becoming a millionaire,” he said.

However, Dangote’s comments are a projection, not a guarantee. The actual market price after listing will depend on the refinery’s financial performance, investor demand, market conditions and other economic factors.

Dangote Urges Investors Not to Sell Too Early

The billionaire also encouraged investors to take a long-term approach rather than rushing to sell their shares.

He said shareholders could benefit not only from potential increases in the share price but also from dividends.

“So, why do you want to sell it? You remain there, you will be collecting money,” Dangote said.

He further argued that dollar-denominated dividends could provide some protection for investors against naira depreciation.

“And, at a point when you have your kids studying abroad, even if there is devaluation of the currency, you are safe,” he said.

“You are safe because your dividend, you will be collecting in dollars.”

Dangote Refinery’s ₦2.15 Trillion IPO

The Dangote Petroleum Refinery and Petrochemicals IPO officially opened on September 14, 2026.

The offering consists of 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed. The minimum subscription is 10 shares, costing ₦5,250. 

The offer is open to retail investors, institutional investors and eligible African investors and is scheduled to close on October 13, 2026, subject to the terms of the prospectus. 

Dangote has described the transaction as an opportunity for ordinary Nigerians to become part owners of one of Africa’s most significant industrial projects.

He has specifically encouraged teachers, artisans, civil servants, students and other Nigerians to participate.

Aiming to Expand the Refinery

The IPO is also linked to the company’s expansion plans.

The refinery currently has a capacity of around 700,000 barrels per day, and the company plans to increase capacity to approximately 1.4 million barrels per day.

Dangote has said the broader goal is to build an even larger integrated refining and petrochemical operation.

The company’s first-half 2026 financial performance has also generated significant interest among investors. PUNCH reported that the refinery recorded revenue of about ₦19.47 trillion and profit after tax of ₦2.55 trillion during the first half of the year.

At the ₦525 offer price, the refinery has an implied valuation of roughly ₦65 trillion. 

Dangote Calls It a ‘People’s IPO’

Dangote has described the share sale as a “People’s IPO”, saying the goal is to broaden ownership of the refinery and allow Nigerians to participate in the wealth generated by the business.

He also said the Dangote Group intends to list more of its operating companies in the future.

“We, as a group, will list every single company that will operate,” Dangote said.

He added that the Nigerian Exchange would serve as the group’s primary platform before potentially pursuing dual listings on international exchanges.

What Investors Should Know

The excitement surrounding the IPO has been substantial, but investors should distinguish between Dangote’s expectations and guaranteed returns.

A share price of ₦10,000 would represent a huge increase from the ₦525 offer price, but there is no certainty that the shares will reach that level.

After listing, the price will be determined by supply and demand and influenced by the refinery’s profitability, expansion plans, oil prices, refining margins, government policies, foreign-exchange conditions and broader market sentiment.

The company’s prospectus, rather than promotional claims or social media discussions, should therefore be the starting point for anyone considering an investment.

For Nigerians, however, the IPO represents something significant regardless of the eventual share price: an opportunity to own part of one of Africa’s largest industrial assets.