A chieftain of the All Progressives Congress (APC), Ayekooto Akindele, has stirred political controversy after alleging that African Democratic Congress (ADC) presidential candidate Atiku Abubakar and his running mate, Rotimi Amaechi, are among those secretly investing in the ongoing Dangote Refinery Initial Public Offering (IPO).
Akindele made the allegation in a Facebook post on Wednesday while responding to criticism of the Bola Tinubu administration and debates over fuel subsidy.
He alleged that the ADC presidential ticket was taking advantage of the investment opportunity in the Dangote Refinery while some of its supporters were calling for the return of fuel subsidy.
However, Akindele did not provide evidence in the post to substantiate his claim that Atiku or Amaechi had subscribed for the refinery shares.
The Dangote Petroleum Refinery IPO officially opened on September 14, offering 4.1 billion ordinary shares at ₦525 each. Eligible investors can subscribe for a minimum of 10 shares, valued at ₦5,250, with the offer scheduled to close on October 13, 2026.
The public offering has been promoted as an opportunity for Nigerians, including those living abroad, to acquire an ownership stake in the refinery. The official IPO information also states that investors who receive an allocation become shareholders, although investment returns are not guaranteed and share values can rise or fall.
Akindele used the IPO to contrast what he described as pessimism among some Nigerians with the reported interest of Nigerians in the diaspora in investing in the country.
His comments come amid a broader political debate over fuel pricing, subsidy policy and the economic direction of the country ahead of the 2027 general election.
Atiku and Amaechi are the ADC’s presidential and vice-presidential candidates for the 2027 election.
The Dangote Refinery IPO, meanwhile, represents one of the largest public offerings in Africa and is expected to widen public participation in ownership of the 700,000-barrel-per-day refinery.
