The article discusses the Dangote Refinery and Petrochemicals complex in Lekki, which the writer visited in February 2024 before it had refined crude oil into petrol. It argues that pride in the asset and confidence in its share price are separate questions, noting that an IPO asks whether shares represent a suitable investment at the offer price. The IPO opened on September 14, with the company offering 4.1 billion shares at N525 each, potentially raising approximately N2.15 trillion. The piece warns that confusing national pride with investment merit is a mistake, particularly because refining is a long-term, capital-intensive business.
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