Ondo to Buy Dangote Refinery IPO Shares for 500 Youths

The Ondo State Government will purchase Dangote Petroleum Refinery IPO shares for 500 youths, Governor Lucky Aiyedatiwa announced at the 2026 Ondo State Entrepreneurs Summit held at The Dome in Akure. More than 8,000 entrepreneurs attended the event.

The governor said the shares would be bought through the refinery's initial public offering, giving selected young entrepreneurs a stake in the capital market. "Aside from the 20 beneficiaries, I will purchase Dangote IPO Refinery shares for 500 youths," Aiyedatiwa said.

The government has not disclosed how many shares each beneficiary will get, the total amount to be invested, or the criteria for selecting the 500 youths.

Lucky Light takes solar to 1,000 businesses

At the same summit, the governor launched the Lucky Light Initiative, an empowerment programme meant to support 1,000 entrepreneurs across Ondo's 18 local government areas.

The scheme will provide solar power support to 1,000 small businesses to cut electricity costs and lift productivity. It will be rolled out in phases across the 18 LGAs, targeting entrepreneurs weighed down by rising energy expenses.

Aiyedatiwa described the programme as an economic intervention designed to reduce dependence on costly conventional power sources.

₦80 million for 20 My IDEA entrepreneurs

The governor also announced ₦80 million in grants for 20 entrepreneurs selected under the Ondo State Entrepreneurship Agency's My IDEA programme. Each beneficiary will receive ₦4 million, alongside mentorship, business development support and international exposure.

Summy Smart Francis, the governor's Special Adviser on Entrepreneurship, Innovation and Investment, said 2,703 applications were received before the 20 successful entrepreneurs emerged after three screening stages, The Guardian reported.

Aiyedatiwa urged the beneficiaries to build sustainable enterprises, create employment, meet their tax obligations and mentor other aspiring entrepreneurs.

He said his administration wants Ondo businesses to move beyond raw material production into processing, packaging, branding and exports, so the state can take a bigger share of domestic and international markets.

Dangote Refinery IPO pricing

The Ondo announcement comes as the Dangote Refinery IPO draws retail investors seeking ownership in the multibillion-dollar facility. The offer is priced at ₦525 per share, with a minimum subscription of 10 shares, according to Reuters.

Aliko Dangote has also unveiled a plan to help up to two million vulnerable women across Nigeria acquire shares in the refinery. He said his foundation would partner with state governments to identify widows and other vulnerable women and support them to join the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals Limited.

For Nigerian capital market watchers, the Ondo move adds a state government-backed bloc of retail demand to an offer already courting small investors. What it means for the naira and for consumers will depend on how much capacity the refinery adds to local fuel supply once the shares are allotted.