buying frenzy makes oil barons out of Nigerians
Nigerians have shown massive interest in the initial public offering of Aliko Dangote's oil refinery, leading to a surge in retail investment. The high demand caused technical issues for investment apps, reflecting widespread public optimism about the refinery's economic potential.
Why it matters
The 'people's IPO' highlights the intersection of national economic pride and retail investor participation in Africa's largest refinery project.
Share Save Add as preferred on Google Mansur Abubakar , Abuja and Chris Ewokor , BBC Africa, Abuja Bloomberg via Getty Images Aliko Dangote wanted all Nigerians to get involved in the share offer Every Nigerian is now an oil magnate.
At least that is what the social media memes would have you believe as investor fever hits the country.
Nigerians have been eager to have a piece of the energy business that was built up by the country's – and continent's – richest man: Aliko Dangote.
More than four billion shares in his giant oil refinery – representing just over 3% of the company - went on the market on Monday in Africa's biggest-ever sale of its kind.
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