00:00Bamboo, for example, said that in the first 30 minutes, it had seen 10 times the size of traffic that
00:07it usually sees on normal days.
00:10Investing in that group is a lifetime opportunity.
00:13Two, three. We are making history today.
00:17Aleko Dangote, who is the owner of the refinery, has dubbed the IPO of the people
00:24because he says he's targeting ordinary Nigerians and Africans across the continent.
00:30So with US $4, one can actually buy, subscribe and buy to the Dangote shares.
00:37One of the major reasons why people are buying into this hype or into this IPO is obviously the personality
00:46of Aleko Dangote.
00:49He's, you know, Africa's richest man. He's one of Africa's foremost industrialists.
00:56And, you know, he pulled, you know, this construction of the refinery, you know, which cost $20 billion,
01:04you know, when there had been a lot of skepticism whether this was going, you know, to work or not.
01:09So, you know, many people feel that they want to be part of, you know, the journey that Aleko Dangote
01:17is traveling.
01:18The second thing, obviously, is because especially here in Nigeria,
01:22the refineries have always been something that has been the preserve of the government.
01:28But this is the first such, you know, mega refinery, which is in the hands of the private sector.
01:35So many people do want to have a share of the cake.
01:41So what this did was that it did put a strain on the investment platforms where people were going to,
01:48you know, sign up and subscribe.
01:50Some of them, you know, some of the platforms like, you know, Bamboo, Corewise, InvestNiger, they actually crashed.
01:58And, you know, many people could not log in or, you know, buy the shares.
02:05I would be investing in it also personally because I feel like this is a chance for me to grow
02:09as a person and to explore and experience with things too.
02:11From anecdotal evidence, we understand that there are hundreds of thousands of people who have already subscribed.
02:18The IPO seeks to raise the equivalent of 1.6 billion US dollars, which is like, you know, the largest
02:26share sale in Africa to date.
02:30Dangote has said that it would be able to pay dividends either in the local Naira currency or in the
02:37US dollar currency.
02:38I think one has to remember that Nigeria has had a recent history of high inflation and currency depreciation where
02:46people actually lost their savings.
02:47So people see this, you know, investment in the IPO as a hedge against either currency swings or, you know,
02:55or high inflation.
02:58Regulators have sort of issued a note of caution, you know, to would be investors, especially, you know, first time
03:06investors to say they have to be extremely careful by using only approved, you know, channels, investment channels, whether they
03:14are banks, digital platforms or mobile apps.
03:17And that is because Nigeria has a history of online scams.
03:22They use WhatsApp to phish, they use emails. So obviously we haven't heard yet any stories of people being scammed.
03:32But this is obviously at the back of the minds of regulators and all these platforms, you know, that are
03:37selling, you know, selling the shares.
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