- Published
Every Nigerian is now an oil magnate.
asserted
Nigerian → publish → ?
At least that is what the social media memes would have you believe as investor fever hits the country.
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fever → have → 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.
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that → have → man
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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shares → represent → kind
The minimum purchase was 10 shares for about $4 (£3) and despite this only representing a miniscule portion of the firm, many are now celebrating and joking about their new-found (part-)owner status.
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many → represent → status
One popular social media video has a Nigerian narrating how he stopped a speeding Dangote company lorry driver, telling him not to be reckless with company property.
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he → have → property
Other memes show investors trying to phone up Dangote to discuss business matters.
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investors → show → matters
And the term "Yangote" – a pun in the Hausa language essentially meaning "we all have a share now" - has been trending on social media.
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we → mean → media
On the first day of the Initial Public Offering (IPO), investment apps crashed as they could not handle the high demand.
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they → crash → demand
Bamboo, which runs one of the most popular investor tools here, later apologised, saying: "We know we let you down."
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we → run → you
Public affairs analyst Jamil Ubah said he had rarely seen Nigerians as excited about something as this.
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Nigerians → say → this
He argued that it fed the dream that it could lead to greater riches for a population that is often battling to make ends meet.
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ends → argue → population
"I think the hope for the common man is that his money will grow into something big, and don't forget this is coming at a time when many are struggling as the economy is not doing great," he told the BBC.
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he → think → BBC
Dangote wanted this to be "the people's IPO" with drivers, cooks, cleaners and servants having the chance to be part of something big.
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drivers → want → something
And they took him at his word.
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they → take → word
Twenty-five-year-old clothes seller Idris Lawal Musa made his first-ever stock exchange purchase and told the BBC he was happy after investing 21,000 naira ($16; £12) in 40 shares.
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he → make → shares
"It is no longer Dangote but 'Yangote', the company belongs to us now," he said while laughing.
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he → belong → us
But he may make a quick sale.
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he → make → sale
"I am a trader by profession and when I see that the shares have increased in price I will sell," he noted.
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he → see → price
The popularity also reflects a growing investment culture among younger Nigerians who have embraced mobile trading platforms, cryptocurrencies and digital savings products.
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who → reflect → platforms
But fear of missing out may have also pushed some to get into the investment business.
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fear → miss → business
People shared subscription guides, debated valuation metrics and encouraged friends and family to participate.
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People → share → friends
But amid the frenzy, experts have warned that there are risks – shares can go down in value, as well as up, meaning people could lose some, or all, of their investment.
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people → warn → investment
Financial analyst Shuaib Uwais said prospective investors should avoid thinking of the IPO as a guaranteed route to wealth.
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investors → say → wealth
He urged people to consider a number of factors that could impact the refinery's future performance, including disruptions to crude oil supply, operational challenges, regulatory changes and fluctuations in demand for refined petroleum products.
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that → urge → products
"If for any reason the company experiences difficulty in sourcing its raw materials, there could be challenges," he told the BBC.
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he → experience → BBC
Nevertheless, the IPO has given people the chance to be part of this home-grown success story.
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IPO → give → story
Dangote's sprawling refinery on the outskirts of Lagos, which began operating two years ago and now processes around 700,000 barrels of crude a day, has transformed the fortunes of Nigeria's oil sector.
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which → sprawl → sector
Until recently, Africa's largest crude oil producer had no refining capacity and had to import the finished product.
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producer → have → product
Now the Dangote refinery is feeding much of the domestic demand.
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refinery → feed → demand
But for Dangote, the share offer is about raising cash to fund the growth of the business, something that the country's mini-magnates may now be able to get behind.
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magnates → raise → that
The Aporia
