Nigerians sell land, take loans for Dangote shares

Nigerians across the country are dipping into personal savings, taking loans from friends, pooling contributions through traditional adashe schemes and even selling land and personal belongings to raise funds for the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering — reflecting both extraordinary public enthusiasm for the offer and the financial strain many investors face in doing so, Saturday PUNCH reports.

The refinery’s IPO, which opened on September 14 and closes October 13, offers 4.1 billion ordinary shares at N525 each, with a minimum subscription of 10 shares costing N5,250. Dangote Group CEO Aliko Dangote described the low entry threshold as deliberate, calling it “the IPO for the people.”

The lengths some Nigerians are going to participate were strikingly illustrated by David Adelabu, a Federal Ministry of Works staff member, who said he would sell a plot of land in Minna if necessary.

“I don’t mind even if it will entail selling a plot of land I have in Metumbi here in Minna. I will gladly do so,” Adelabu said.

In Jigawa State, trader Adamu Bala said he would use business savings, while in Yobe State, Malam Musa Ibrahim invested part of his accumulated savings despite acknowledging that “business is not easy at the moment.”

A group of women in one community started an adashe — a traditional rotating savings arrangement — specifically to pool funds for the offer. A businessman, Abdullahi Yusuf, borrowed from a friend to increase his subscription beyond what his own savings allowed.

Petty trader Hauwa Lawan took a different approach, selling unused personal belongings and adding the proceeds to her savings to finance her purchase.

Not all Nigerians, however, could participate. Several respondents told Saturday PUNCH that the prevailing economic hardship had placed the offer out of their reach entirely.