Nigerians Rush to Buy Shares in Dangote Oil Refinery

A share-buying frenzy has swept across Nigeria as members of the public rushed to purchase stock in an oil refinery owned by Aliko Dangote, Africa's richest man, according to the BBC.

Many of those buying shares said it was their first time ever investing in the stock market, the BBC reported, with several Nigerians publicly celebrating their new stakes and describing the refinery as belonging to the country as a whole.

"This is our company," one investor was quoted as saying by the BBC, reflecting a sentiment shared by many who took part in the buying spree.

The refinery, one of the largest in Africa, is owned by Dangote, who has built a business empire spanning cement, sugar and oil refining. According to the BBC, the surge in share purchases has been driven partly by national pride in the facility as a homegrown industrial achievement.

The BBC did not specify the exact number of new shareholders or the total value of shares purchased, but described the buying activity as a "frenzy" involving many ordinary Nigerians who had not previously participated in the stock market.

Some Nigerians have taken to social media to show off their new shareholdings, framing the purchases as a way to share in the country's oil wealth, the BBC said.

The report did not detail how the share sale was structured or whether it was linked to a public listing process. The BBC has been contacted by EGazette for further comment, and this article will be updated with additional details as they become available.