Nigerians are showing growing interest in acquiring shares in Aliko Dangote’s refinery as the company launches what is being described as the country’s largest public share offering.
Dangote, Africa’s richest businessman, described the initial public offering (IPO) as one designed for ordinary Nigerians, saying he wants citizens to have the opportunity to own a stake in the refinery.
“I will invest because of my future, because of my finances, and for the economy of Nigeria,” said Boluwatife Ogundairo, a dispatch rider.
Under the offer, retail investors can purchase a minimum bundle of 10 shares in the Lagos-based refinery for 5,250 naira ($4), making participation accessible to a broad range of Nigerians.
Although Dangote will retain an 87 per cent stake in the refinery after the IPO, many prospective investors view the offer as a chance to own part of one of the country’s most significant industrial assets.
Interest in the share sale has been driven by the refinery’s size, growth prospects and expectations of strong returns, particularly as global oil prices continue to rise following tensions linked to the US-Iran conflict.
For decades, Nigeria depended heavily on imported refined petroleum products because its state-owned refineries operated below capacity or suffered from years of neglect and inadequate maintenance.
However, the $19 billion Dangote Refinery changed the landscape when it commenced production in 2024, helping Africa’s largest oil producer transition from a major importer of refined fuel to an exporter.
