Global entrepreneur and Chairman of Lagos-based Farmafrik, Les Ojugbana, has announced plans to provide eligible staff with a financial bonus to invest directly in the Dangote Refinery Initial Public Offering (IPO).
Ojugbana said the initiative would support the refinery while enabling Farmafrik employees to participate in a potentially significant long-term investment.
“It is important that we support not just Dangote for the amazing work he has done, but that we also empower the future of our staff,” he said.
“We want our staff to be invested for the long term. This is the people’s IPO, and we want to make sure that our people are financially empowered to participate in it.”
He said current economic conditions meant that many workers, including those earning around the minimum wage, might not have sufficient disposable income to buy shares, even at the lowest entry point.
“That is why we feel that, as an employer, we need to financially empower our staff to participate. We don’t want them to have to choose between their everyday financial responsibilities and an opportunity to invest in their future,” Ojugbana said.
He cited Amazon.com Inc. ($AMZN) as a striking example of the potential benefits of long-term investment.
Amazon went public on May 15, 1997, at $18 per share. An investment of just $50 at the IPO would, after accounting for Amazon’s subsequent stock splits, represent approximately 666.67 shares today. Based on Amazon’s latest completed closing price of $249.27 on September 23, 2026, that original $50 investment would be worth approximately $166,180 as at September 24, 2026.
“Of course, every investment carries risk and there is never a guarantee that one company will reproduce the performance of another,” Ojugbana said.
“But the principle is important. If people are given the opportunity to own shares and hold those investments for the long term, they have the potential to participate in the wealth created by successful businesses.”
Ojugbana also called on financially capable Nigerian companies, particularly banks, major corporations and financial institutions, to support their employees in acquiring Dangote Refinery shares.
“I am calling on other companies that are in a financial position to do so to help their staff acquire Dangote Refinery IPO stock,” he said.
“Banks and other financially strong institutions and businesses should be leading the way. If we genuinely believe this is the people’s IPO, then we should help make sure that ordinary working people actually have the financial capacity to participate.”
He added that Farmafrik planned to extend the initiative to future Dangote public offerings.
“We will be doing the same thing with future Dangote IPO offerings,” he said. “For us, this is not simply about one investment. It is about encouraging a culture of ownership and long-term financial thinking among our staff.”
The announcement comes days after Ojugbana’s father, Chief F. E. Ojugbana, publicly endorsed the Dangote IPO.
“We talk a lot about empowering people, but empowerment should also mean giving people the opportunity to own assets,” Les Ojugbana said.
“If Nigerian businesses that have the financial capacity can help their employees become shareholders in major Nigerian enterprises, we can begin creating a stronger culture of investment and long-term wealth creation among working people.”
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