Nigerian retail investors pile into Dangote refinery IPO in historic share-buying frenzy

A wave of first-time Nigerian retail investors bought shares in Aliko Dangote's oil refinery, signaling a rare broadening of local equity market participation. The frenzy reflects both national pride in the refinery's output and pent-up retail demand, though it raises questions about investor sophistication and concentration risk. The development matters as it could deepen Nigeria's capital markets and shift the ownership base of a strategically critical energy asset.