Dangote IPO draws interest from Nigerians keen to invest

Nigerians have started scrambling to buy a stake in Aliko Dangote’s giant oil refinery, with some seeing the country’s biggest-ever public share offering as a rare chance to participate in one of Africa’s most ambitious industrial projects.

Dangote, Africa’s richest man, dubbed the initial public offering or IPO one “for the people” and said he wants everyone to be able to own a share.

“I will invest because of my future, because of my finances, and for the economy of Nigeria,” said Boluwatife Ogundairo, a dispatch rider.

Retail investors can buy a 10-share bundle in the sprawling Lagos-based refinery for 5,250 naira ($4), the minimum investment.

Dangote retains 87% ownership of the refinery, Africa’s largest. For many Nigerians, however, the immediate reaction is simpler; the refinery is a major national asset, and for the first time they have been offered a chance to buy into it.

The refinery’s scale and potential returns, especially at a time when global oil prices have risen following the US-Iran war, have generated excitement among retail investors.

Nigeria has relied for many decades on foreign refining of its oil due to decrepit state-run refineries, many of which operate below capacity or have remained stagnant for years due to poor maintenance.

But when the $19 billion refinery began production in 2024, it transformed the energy-rich country of more than 210 million people from an importer of refined oil into an exporter.