Nigerians buy first shares in Aliko Dangote's oil refinery

Lagos, Nigeria – A wave of first‑time investors has entered the Nigerian stock market as the initial public offering of the Dangote Oil Refinery attracted unprecedented retail interest. The refinery, owned by Aliko Dangote, Africa’s wealthiest entrepreneur, opened its share subscription on Monday, prompting thousands of Nigerians to purchase equity in the project for the first time in their financial lives. Market regulators reported that the offering, which comprised 15 percent of the refinery’s capital, was oversubscribed by more than three times, reflecting both the public’s confidence in the venture and a broader push to broaden participation in the country’s capital markets.

The refinery, a $19 billion facility slated to process 650,000 barrels of crude daily, is expected to reduce Nigeria’s reliance on imported petroleum products and create tens of thousands of jobs. Analysts note that the influx of retail investors could deepen market liquidity and support future listings, while also exposing new shareholders to the risks inherent in large‑scale industrial projects. The successful launch marks a milestone for the Nigerian Exchange and signals growing domestic appetite for equity investment in strategic sectors of the economy.