LAGOS, NIGERIA — Africa’s richest man, Aliko Dangote, has predicted that shares of Dangote Refinery could rise to as high as N10,000 in the coming years, as he assured that small investors would be prioritised in the company’s upcoming Initial Public Offering.
Dangote made the projection on Saturday during a stakeholder engagement in Lagos, where he discussed the refinery’s operations, financial performance, and plans for the IPO. He noted that the shares, which will be offered at N525 per share, have the potential to appreciate significantly as the refinery ramps up production and expands its revenue base.
“I can see these shares going to N10,000. This is not a promise; it is a projection based on the fundamentals of the business. The refinery is a world-class asset, and once we are fully operational, the value will be clear for everyone to see,” Dangote stated.
The businessman, who has been actively promoting the IPO in recent weeks, said the offer was designed to give Nigerians the opportunity to own a stake in one of Africa’s most important industrial projects. He disclosed that the IPO would be launched in the coming weeks, with subscription channels spread across commercial banks, stockbroking firms, and digital investment platforms.
Dangote emphasised that small investors would be given priority in the allocation of shares, adding that the company had deliberately kept the minimum subscription amount low to accommodate retail investors. He also revealed that the company would offer incentives to encourage participation, including the possibility of bonus shares for early subscribers.
“We want every Nigerian to be part of this success story. This is not just for the rich or for institutional investors. The small investor is the priority. We want the market woman, the artisan, the civil servant, and the young professional to own a piece of this refinery,” he said.
The Dangote Refinery, which has a capacity of 650,000 barrels per day, is the largest single-train refinery in the world. It began operations in 2024 and has since been ramping up production, supplying refined products to the Nigerian market and neighbouring countries. The refinery is expected to significantly reduce Nigeria’s dependence on imported petroleum products and save billions of dollars in foreign exchange.
Dangote also addressed concerns about the refinery’s financial performance, noting that the company had generated substantial revenue since commencing operations and was on track to declare dividends to shareholders. He said the IPO would be a landmark event in the Nigerian capital market, comparable to the listing of major multinationals in the past.
The Dangote Refinery IPO is expected to be one of the largest in Nigeria’s history, with analysts estimating that it could raise over $1 billion. The offer is expected to attract significant interest from both domestic and international investors, given the refinery’s strategic importance and growth potential.
Dangote urged Nigerians to take advantage of the opportunity, noting that the refinery’s shares would provide a hedge against inflation and a stable source of income. He also assured that the company would maintain transparency and accountability in its dealings with shareholders. “This is a Nigerian project, and we are committed to ensuring that Nigerians benefit from it. The IPO is our way of sharing the success of this refinery with the people of this country,” he said.
