President of Dangote Industries Limited, Aliko Dangote, has said shares of the Dangote Petroleum Refinery, currently offered at N525, could rise to N10,000 in the future.
Dangote also assured small-scale investors seeking to participate in the refinery’s Initial Public Offering that they would be prioritised in the allocation of shares.
He spoke in Hausa during an interview with Abis Fulani, translated by Google Gemini, while discussing the planned IPO and its potential benefits to investors.
The interview was published on Thursday but gained traction on Saturday.
According to Dangote, retail investors seeking to buy shares worth N50,000, N100,000 and other smaller amounts would receive priority over large institutional investors.
He said, “When you do something like this—what is called an IPO—all the small-scale investors are the ones who will be given priority first.
“The big institutional investors who request large allocations will not get everything they ask for. But the small retail investors who want to buy N50,000 worth, or some buying N100,000 worth, and so on, they are the ones who will be given priority allocations.”
He said the remaining shares would subsequently be distributed among investors.
On the potential value of the shares, Dangote said the current N525 price could increase substantially, projecting that it could eventually reach N10,000.
He said, “As I was saying, this share, if you look at it, we are currently at N525. A day will come when this share will reach N10,000.
“Therefore, if you hold it, having bought it, and it rises to N10,000, where you previously invested N5m, it will now be worth over N50m. You see, you have become wealthy.”
Dangote further said shareholders could choose to receive dividends in either naira or dollars, saying the option could help investors cope with currency depreciation.
