Savings, loans and sold belongings: how Nigerians are raising money for Dangote Refinery shares

With the Dangote Refinery IPO closing on 13 October 2026, Saturday PUNCH spoke to ordinary Nigerians about how they are raising the money to buy in. The picture is mixed: strong interest, stretched wallets.

Savings first

Some are digging into savings. Adamu Bala, a trader in Dutse, Jigawa State, said he would use profit from his shop. Malam Musa Ibrahim, a trader in Damaturu, Yobe State, put in part of his business savings, while staying cautious about business conditions. Aisha Mohammed said she cut household expenses and saved little by little — and did not borrow.

Pooling money together

Others are pooling money. Fatima Mannir, a civil servant, said women in her group started raising funds through adashe, the rotating contribution system.

Going further

Some are going further. David Adelabu, a staff member of the Federal Ministry of Works, said he considered selling a plot of land in Metumbi, Minna, to take part. Hauwa Lawan, a petty trader, sold personal belongings she no longer used and added the proceeds to her savings. A farmer, Mallam Abdullahi Adamu, said he sold farm produce to raise about ₦500,000. Abdullahi Yusuf, a businessman, borrowed from a friend to buy more shares than his savings allowed.

Priced out

And some simply cannot. Saliu Joseph, a civil servant in Kogi State, said school fees had taken priority. Ahmed Alkali, a vulcaniser, put it bluntly: his income barely covers his family’s basic needs.

The experts’ warning

The cautionary voices matter here. Adebayo Adeleke of Lancelot Group told Saturday PUNCH that capital-market money should be funds an investor can leave untouched for three to five years minimum. Ayokunle Olubunmi of Agusto & Co warned against committing all savings or selling property, and said anyone borrowing should have a separate, reliable repayment plan — not one that depends on the investment performing. The Emir of Kano, Muhammadu Sanusi II, speaking at the Kano roadshow, warned against using children’s school fees or selling homes, and suggested modest amounts such as ₦10,000, ₦20,000 or ₦30,000.

The offer in brief

The context: 4.1 billion shares at ₦525 each, minimum 10 shares (₦5,250), targeting about ₦2.15 trillion to part-fund expansion toward 1.4 million barrels per day. Aliko Dangote has pitched it as “the IPO for the people,” with the low entry point deliberately set for ordinary workers.

Sources

• Saturday PUNCH, 19 September 2026 — “Dangote refinery: Nigerians use savings, loans for shares”