Dangote Says Refinery Shares Could Rise to N10000

President of Dangote Industries Limited, Aliko Dangote, says shares of the Dangote Petroleum Refinery, currently being offered at N525 each, could rise to N10,000 in the future.

Dangote also assured small-scale investors participating in the refinery’s Initial Public Offering that they would be prioritised in the allocation of shares.

He made the remarks in Hausa during an interview while discussing the planned IPO and its potential benefits to investors. The interview was published on Thursday and gained wider attention on Saturday.

Dangote said retail investors seeking to purchase shares worth N50,000, N100,000 or other smaller amounts would receive priority over large institutional investors.

He explained that institutional investors seeking large allocations would not receive everything requested until smaller investors had been accommodated.

According to him, the remaining shares would subsequently be distributed among other investors.

Dangote said the current N525 share price had significant growth potential, projecting that it could eventually reach N10,000.

He illustrated the potential gain by saying an investor who put N5 million into the shares at the current price could see the value of the investment rise to more than N50 million if the share price reached N10,000.

The Dangote Petroleum Refinery is preparing for its IPO as the company seeks to broaden public ownership and give retail investors an opportunity to acquire shares in the facility.