'This is our company': Nigerians show off oil wealth after share-buying frenzy

ByMansur Abubakar, Reporting fromAbuja and Chris Ewokor, BBC Africa, Reporting fromAbuja.

Key points

• It 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.
• Public affairs analyst Jamil Ubah remarked he had rarely seen Nigerians as excited concerning something as this.
• 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.
• One popular social media video has a Nigerian narrating how he halted a speeding Dangote business lorry driver, telling him not to be reckless with firm property.
• And the term "Yangote" – a pun in the Hausa language essentially meaning "we all have a share now" – has been trending on social media.

At least that is what the social media memes would have you believe as investor fever hits the country.

More than four billion shares in his giant oil refinery – representing just over 3% of the firm – went on the market on Monday in Africa's biggest-ever sale of its kind.

Meanwhile, the minimum purchase was 10 shares for regarding $4 (£3) and despite this only representing a miniscule portion of the firm, numerous are now celebrating and joking regarding their new-found (part-)owner status.

Other memes show investors trying to phone up Dangote to discuss business matters.

On the first day of the Initial Public Offering (IPO), investment apps crashed as they could not handle the high demand.

Bamboo, which runs one of the most popular investor tools here, afterwards apologised, saying: "We know we let you down."

Public affairs analyst Jamil Ubah remarked he had rarely seen Nigerians as excited concerning something as this. He argued that it fed the dream that it could lead to greater riches for a population that is often battling to create ends meet.

"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 informed the BBC.

Dangote wanted this to be "the people's IPO" with drivers, cooks, cleaners and servants having the chance to be part of something major. And they took him at his word.

Twenty-five-year-old clothes seller Idris Lawal Musa created his first-ever stock exchange purchase and informed the BBC he was happy after investing 21, 000 naira ($16; £12) in 40 shares.

"It is no longer Dangote but 'Yangote', the company belongs to us now, " he remarked while laughing. But he may create a quick sale.

"I am a trader by profession and when I see that the shares have increased in price I will sell, " he observed.

Notably, the popularity additionally reflects a growing investment culture among younger Nigerians who have embraced mobile trading platforms, cryptocurrencies and digital savings products.

But fear of missing out may have additionally pushed some to secure into the investment business.

In the build-up to the IPO, social media platforms were awash with financial conversations. Individuals shared subscription guides, debated valuation metrics and encouraged friends and family to participate.

As well as up, meaning individuals could lose some, or all, of their investment, but against the backdrop of the frenzy, experts have cautioned that there are risks – shares can go down in value.

Financial analyst Shuaib Uwais remarked prospective investors should avoid thinking of the IPO as a guaranteed route to wealth.

He pressed residents 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.

"If for any reason the company experiences difficulty in sourcing its raw materials, there could be challenges, " he informed the BBC.

Nevertheless, the IPO has given individuals the chance to be part of this home-grown success story.

Dangote's sprawling refinery on the outskirts of Lagos. It 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.

Until lately, Africa's largest crude oil producer had no refining capacity and had to import the finished product. Now the Dangote refinery is feeding much of the domestic demand.

But for Dangote, the share offer is regarding raising cash to fund the expansion of the business, something that the country's mini-magnates may now be able to obtain behind. You may additionally be interested in.

Why Nigerians are praying for the success of a new oil refinery. Why Nigeria's one-time political giant may face extinction. 'Nothing good was supposed to come out of me'.

Go to BBCAfrica.com, external for more news from the African continent.

In short, ' This is our company' : Nigerians show off oil wealth after share is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.