Aliko Dangote, President of Dangote Industries Limited, has said the planned IPO of Dangote Petroleum Refinery, priced at ₦525 per share, could rise to as much as ₦10,000 in the future.

The IPO is expected to provide small-scale investors with a greater opportunity to secure shares, as Dangote has pledged to prioritise them during the allotment process.

In a recent interview conducted in Hausa language with Abis Fulani, Dangote explained how the IPO would work, saying investors seeking smaller allocations would be given priority over large institutional investors

“The big institutional investors who request large allocations will not get everything they ask for. But the small retail investors who want to buy ₦50,000 worth, or some buying ₦100,000 worth, and so on, they are the ones who will be given priority allocations

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Dangote said that after small-scale investors had been considered, the remaining shares would be distributed among other investors.

The richest black man alive also discussed the possible future value of the refinery shares, saying the current ₦525 offer price could rise significantly

He noted that the shares could eventually reach ₦10,000.

Dangote said, “As I was saying, this share, if you look at it, we are currently at ₦525. A day will come when this share will reach ₦10,000.

“Therefore, if you hold it, having bought it, and it rises to ₦10,000, where you previously invested ₦5m, it will now be worth over ₦50m. You see, you have become wealthy.”

However, the ₦10,000 figure is Dangote’s projection and does not guarantee that the shares will reach that price after listing.

The eventual market value of the shares will depend on demand and supply, as well as the performance of the refinery, investor sentiment, refining margins, demand and broader economic