The Ooni of Ife, Arole Oduduwa, Ooni Adeyeye Enitan Ogunwusi, Ojaja II, has described the newly launched Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals as the “mother of all stocks”, saying the offering represents a new dawn for ordinary Nigerians seeking opportunities to participate in wealth creation.
The Ooni made the remarks on Monday during the official opening of the Dangote Refinery IPO at the Nigerian Exchange (NGX) in Lagos, where he joined business leaders, government officials and capital-market stakeholders for the landmark opening-gong ceremony.
Speaking on the significance of the public offer, the monarch commended Aliko Dangote for structuring the offering in a way that lowers the barrier to entry for retail investors. The IPO allows investors to acquire a minimum of 10 ordinary shares at ₦525 per share, putting the minimum subscription at ₦5,250.
The Ooni said he looked forward to a time when an ordinary pepper seller could finish selling pepper worth ₦5,000, pick up a phone and conveniently buy Dangote shares.
The example underscored his emphasis on financial inclusion and the possibility of everyday Nigerians becoming participants in the ownership of one of Africa’s most significant industrial assets.
The Ooni’s comments came as the Dangote Petroleum Refinery and Petrochemicals formally opened what is being described as Africa’s largest IPO to date, with the public offer targeting the mobilisation of about ₦2.15 trillion from investors. The offer comprises 4.1 billion shares at ₦525 each.
The public offer is being positioned as a broad-ownership initiative, with Dangote describing it as a “people’s IPO”. According to reports, the objective is to give ordinary Nigerians an opportunity to participate in the refinery’s growth, while Dangote said the broader aim of the transaction was to “democratise wealth creation.”
The refinery, which began operations in 2024, currently has a processing capacity of 700,000 barrels of crude per day, with plans to increase capacity to 1.4 million barrels per day by 2029. The IPO proceeds are expected to support the company’s expansion plans and strengthen its capacity to raise further capital.
The transaction also represents a major development for Nigeria’s capital market, as it opens public participation in an industrial asset that has become central to the country’s energy and economic landscape.
At the NGX ceremony, the Ooni’s remarks placed particular emphasis on the wider social meaning of the transaction: moving beyond a conventional corporate share offering to create an avenue through which Nigerians at different income levels can participate in the ownership and potential growth of a major Nigerian enterprise.
Other prominent figures at the ceremony included Lagos State Governor Babajide Sanwo-Olu, Dangote Industries executives, Nigerian Exchange Group officials and leading figures from Nigeria’s business and financial sectors.
The event also highlighted a significant relationship between the Dangote project and the traditional institution of Ile-Ife. Dangote acknowledged the Ooni’s early support for the refinery project, including the monarch’s role in helping to resolve local community and cultural issues connected to the development of the refinery site at Ibeju-Lekki.
For the Ooni, however, the significance of the moment extended beyond the fortunes of one company or businessman. His intervention focused on the possibility of ordinary Nigerians moving from being consumers of major businesses to becoming shareholders in them.
With the offer now open, investors can subscribe to the Dangote Refinery shares through authorised investment channels, with the offer expected to run until October 13, 2026. Trading on the Nigerian Exchange is expected to commence after completion of the offer and allotment process.
The launch therefore marks a major moment not only for Dangote Industries and Nigeria’s capital market, but also for the growing conversation around broader Nigerian participation in the ownership of major productive assets.
For the Ooni of Ife, the message was clear: the Dangote Refinery IPO should be seen not merely as another stock-market transaction, but as an opportunity to widen participation in wealth creation.