Nigerians are increasingly finding ways to participate in the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering, with some prospective investors drawing from personal savings, taking loans and even selling assets to raise money for the share purchase.
The strong interest follows the opening of the refinery’s public offer on September 14, 2026, giving Nigerians and other eligible investors an opportunity to acquire an ownership stake in one of Africa’s largest industrial projects.
The IPO involves 4.1 billion ordinary shares priced at ₦525 each. The minimum subscription is 10 shares, meaning an investor can enter the offer with ₦5,250. The subscription period is scheduled to close on October 13, 2026.
For some Nigerians, the relatively low minimum subscription has made participation possible despite the wider pressure on household finances. Several investors told Saturday PUNCH that they were using portions of their savings or business proceeds to purchase the shares.
A civil servant, David Adelabu, said he regarded the offer as an opportunity to become a shareholder in the refinery, despite describing the cost of the shares as high for people dealing with financial pressures.
He said he was prepared to put a significant portion of his available funds into the investment and even considered selling a plot of land to raise additional money.
In Jigawa State, trader Adamu Bala said he planned to use profits from his shop to buy shares rather than dispose of property.
Another investor, Musa Ibrahim from Damaturu, said he used part of his business savings after learning about the offer, explaining that he hoped the investment would become useful in the future while remaining cautious because of the difficult business environment.
Some prospective investors have also turned to informal savings arrangements. Fatima Mannir, a civil servant, said women in her group had begun raising funds through adashe contributions to enable members to participate in the offer.
Others have gone beyond their savings to secure additional funds. One businessman said he borrowed money from a friend to increase his subscription, acknowledging that using borrowed funds for an investment carried risks.
A petty trader, Hauwa Lawan, said she sold personal belongings she no longer needed and combined the proceeds with her savings to finance her share purchase.
A farmer, Abdullahi Adamu, also said he sold farm produce and raised about ₦500,000 for investment in the offer.
The rush for the shares has been accompanied by heavy demand across investment platforms. Reuters reported that some Nigerian digital investment platforms experienced disruptions after investor traffic surged following the opening of the IPO.
However, the enthusiasm has not been universal. Some Nigerians said the prevailing cost of living, school fees, household expenses and limited disposable income had made it impossible for them to participate.
A civil servant in Kogi State, Saliu Joseph, said he could not afford to invest after paying his children’s school fees, while another prospective investor said his income was barely sufficient to meet his family’s immediate needs.
Financial experts quoted in the report cautioned investors against putting essential savings, property or borrowed money into the offer without considering the risks. They advised prospective shareholders to invest only money they could afford to leave untouched and to have a clear repayment plan where loans were involved.
The Dangote Group has presented the offer as an opportunity for ordinary Nigerians to become shareholders in the refinery. The company is seeking about ₦2.15tn from the public offer to support an expansion that would increase refining capacity from 650,000 barrels per day to 1.4 million barrels per day.
With the subscription window still open, the growing participation of small investors has made the Dangote Refinery IPO a major event in Nigeria’s capital market, while the different ways Nigerians are raising money to participate have also highlighted the financial sacrifices some households are willing to make to gain exposure to the investment.