By Ghazali Ibrahim
The Dangote Refinery share sale has taken an unusual turn in Nigeria, with the ongoing Initial Public Offering triggering a wave of social media jokes from Nigerians suddenly describing themselves as “owners” and demanding updates from Aliko Dangote.
The growing online excitement was highlighted during a recent interview between Dangote and CNN International correspondent Larry Madowo.
Madowo told the billionaire that Nigerians were inspecting Dangote trucks, visiting his cement factories and jokingly demanding regular updates because they had bought shares in the refinery.
The comments captured the unusual public reaction to an IPO that has drawn thousands of first-time and retail investors.
Dangote, responding to the excitement, said the offer was attracting interest beyond Nigeria and was designed to widen ownership of the refinery across Africa.
“I think this IPO is not only for Nigerians. We’ve got a lot of interest from all over Africa, and we’re selling shares. We’re trying to bring in democracy to our stock markets,” he said.
The billionaire said the company was targeting as many as 10 million shareholders, adding that the number could eventually be so large that the refinery might have to hold its Annual General Meeting in a stadium.
The IPO opened on September 14, with 4.1 billion shares offered at N525 each and a minimum subscription of 10 shares, worth N5,250. The offer is scheduled to close on October 13.
The unusual social-media reaction has also coincided with strong demand. Reuters reported that investment platforms experienced major traffic surges after the IPO opened, with some platforms suffering temporary outages as retail investors rushed to participate.
For many Nigerians, the IPO has therefore become more than a financial transaction, turning one of the country’s biggest industrial projects into a subject of everyday social-media conversation.
