Billionaire Says Retail Investors Will Get Priority in ₦2.15tn IPO
President of Dangote Industries Limited, Aliko Dangote, has projected that shares of the Dangote Petroleum Refinery, currently offered at ₦525 per share, could rise to ₦10,000 in the future.
Dangote also said small-scale investors would receive priority in the allocation of shares ahead of large institutional investors under the Initial Public Offering.
Speaking in Hausa during an interview with Abis Fulani, Dangote said investors seeking to buy shares worth ₦50,000, ₦100,000 and other smaller amounts would be prioritised.
He said institutional investors seeking large allocations would not necessarily receive all the shares they requested, with the remaining shares distributed among other investors.
On the potential value of the shares, Dangote said an investment of ₦5 million at the current offer price could be worth more than ₦50 million if the share price eventually reaches ₦10,000.
He also highlighted potential dividend payments, saying shareholders could have the option of receiving dividends in naira or dollars, which he said could help investors hedge against naira depreciation.
The Dangote Refinery IPO comprises 4.1 billion ordinary shares at ₦525 each, with full subscription expected to raise about ₦2.15 trillion. The minimum subscription is 10 shares, costing ₦5,250.
The offer is scheduled to run from September 14 to October 13, 2026, after which applications will be processed and investors informed of their allotments.
The shares are expected to be listed on the Nigerian Exchange Main Board after allotment, with their subsequent market price determined by demand and supply.