Aliko Dangote says Dangote Refinery shares could eventually rise from ₦525 to ₦10,000. He made the projection while discussing the refinery IPO and possible long-term returns for investors.
LAGOS, NIGERIA — Aliko Dangote, president of Dangote Industries Limited, has projected that Dangote Refinery shares could rise from the current offer price of ₦525 to as much as ₦10,000 in the future, saying investors who buy and hold the shares could build substantial wealth.
According to Dangote, investors should look beyond the initial share price and consider the refinery’s long-term potential. In an interview with Abis Fulani, he also discussed smaller investors, saying those seeking to participate with amounts such as ₦50,000 or ₦100,000 would first need approval before the remaining shares are allocated.
A video reviewed by Newstridez shows Dangote explaining his long-term expectation for the refinery’s share value while discussing the public offer. In the clip, he says the share is currently priced at ₦525 and could eventually reach ₦10,000, presenting the projection as an illustration of what long-term investors could potentially gain.
The Dangote Refinery share, which is ₦525 per share now, will reach ₦10,000 per share. Your ₦5 million investment now will become over ₦50 million.
— Imran Muhammad (@Imranmuhdz) September 12, 2026
– Aliko Dangote
“Those small investors who want to buy with ₦50,000 or ₦100,000 will get approval first, then the rest will… pic.twitter.com/IGvthJOAXG
Dangote said, “The share now is ₦525. This share will one day become ₦10,000.” He then used a ₦5 million investment as an example, saying that if the shares reached the projected price, the investment could become more than ₦50 million. He also told investors they would not necessarily need to sell their holdings if they continued to benefit from the company.
The calculation, however, requires an important distinction. At ₦525 per share, ₦5 million would buy approximately 9,523 shares before transaction costs. If those same shares eventually traded at exactly ₦10,000, their gross market value would be about ₦95.2 million, assuming no additional shares and ignoring charges. Dangote’s ₦50 million illustration therefore does not represent the exact mathematical value of ₦5 million invested at ₦525.
The comments come as Nigerians prepare for the public offer of shares in Dangote Refinery. The refinery has secured regulatory approval for a base offer of about 4.1 billion new ordinary shares at ₦525 each, a transaction that could raise roughly ₦2.15 trillion if fully subscribed.
The minimum subscription has been structured to allow ordinary Nigerians to participate. At ₦525 per share, an investor would need ₦5,250 to buy 10 shares, while ₦50,000 would purchase about 95 shares before charges. A ₦100,000 investment would cover about 190 shares at the offer price.
Dangote also addressed the position of smaller investors during the interview, saying those seeking to invest ₦50,000 or ₦100,000 would receive consideration before the remaining shares are distributed. His comments underline the company’s stated aim of attracting retail investors rather than limiting the offer to wealthy individuals and institutional investors.
The refinery’s IPO has attracted significant attention because of the size of the project and its growing role in Nigeria’s petroleum market. The facility, located in the Lekki Free Zone in Lagos, has become one of the country’s biggest industrial projects and is expanding its output of refined petroleum products for domestic and export markets.
The company has also outlined plans to increase refining capacity. Recent reporting puts the refinery’s current operating level around 700,000 barrels per day, with management targeting an expansion to about 1.4 million barrels per day by 2029.
For prospective investors, however, Dangote’s ₦10,000 projection remains a future expectation, not a guaranteed share price. Stock prices depend on company earnings, dividends, market demand, economic conditions, investor sentiment and wider developments in the Nigerian and global energy markets.
That distinction matters because buying shares carries risk. A company can grow significantly while its share price still moves up and down over time. Investors could also lose money if the market price falls below the price at which they bought their shares.
The refinery’s financial performance will therefore remain central to the investment case. Recent reports indicate that Dangote Refinery recorded about $1.82 billion in profit after tax in the first half of 2026, compared with a loss reported for 2025. The improvement has strengthened investor interest, although future performance cannot be guaranteed.
Dangote also spoke about dividends, telling the interviewer that shareholders could choose to receive dividends in naira or dollars. Such comments will interest Nigerians worried about the effect of inflation and naira depreciation on long-term savings, particularly investors looking for assets that could provide exposure to a major dollar-linked business.
Still, investors should distinguish between management’s stated intentions and guaranteed returns. Dividend payments depend on the company’s earnings, cash position, board decisions, shareholder approval and applicable regulatory requirements. The possibility of receiving dividends in a particular currency should therefore be confirmed in the final offer documents.
The IPO has also drawn interest from Nigerians living abroad and other African investors. The refinery has positioned the share sale as a broad-based opportunity to participate in one of Africa’s largest industrial projects, while the Nigerian Exchange is expected to provide the main market for trading once the shares become listed.
Data reviewed by Newstridez shows the scale of the investment required at different prices. At ₦525, 1,000 shares cost ₦525,000, while 10,000 shares cost ₦5.25 million. If the price ever reached ₦10,000, those 10,000 shares would be worth ₦100 million before charges and taxes, illustrating why the projected price has attracted attention among retail investors.
However, investors should not treat Dangote’s projection as financial advice or a promise that the share will reach ₦10,000. The statement describes what Dangote believes the shares could become over time. The actual market price will ultimately depend on trading after listing and the company’s performance.
The immediate issue for investors is the IPO itself. The reported timetable puts the offer opening on September 14 and closing on October 13, 2026, although investors should confirm the final dates and terms in the approved offer documents before subscribing.
Investors should also use only approved subscription channels and avoid individuals or platforms promising guaranteed allocations or guaranteed profits. The popularity of the Dangote Refinery IPO creates room for fraudsters to exploit public interest, making verification especially important before anyone transfers money.
As at the time of filing this report, Dangote’s ₦10,000 projection remains a long-term expectation rather than a confirmed future market price. The refinery must continue to grow production, earnings and shareholder value for the projection to become a market reality.
The next major test will come when investors subscribe and the shares eventually begin trading on the Nigerian Exchange. For Nigerians considering the offer, Dangote Refinery shares may present an opportunity to own part of a major Nigerian industrial company, but the potential for substantial gains must be weighed against the normal risks of investing in the stock market.
