The memes came first. Across X, TikTok and Instagram, Nigerians joked about becoming ‘co-owners’ of Dangote Petroleum Refinery after subscribing to its initial public offering. Some posted screenshots of their applications, while others joked about calling Aliko Dangote for updates on ‘their’ refinery. The humour has achieved what years of conventional investor education struggled to do: make share ownership part of popular culture. But beneath the memes is a more consequential experiment for Nigeria’s capital market. The Dangote Petroleum Refinery IPO has brought potentially millions of first-time investors into equities, with investors able to buy as few as 10 shares for N5,250. The offer opened on September 14 and closes on October 13, with Dangote seeking about N2.15 trillion from