Dangote Refinery IPO: Farmafrik to Give Staff Investment Bonus, Says Les Ojugbana

Farmafrik Chairman Les Ojugbana has announced plans to provide eligible employees with a financial bonus to enable them to purchase shares in the Dangote Refinery Initial Public Offering (IPO).

The Lagos-based entrepreneur said the initiative would both support the Dangote Refinery and give members of Farmafrik’s workforce an opportunity to invest for the long term.

“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,” Ojugbana 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.”

Ojugbana explained that the current economic environment could leave many workers, particularly those earning around the minimum wage, with limited disposable income to invest in shares, including 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,” he said.

To illustrate the potential of long-term investment, Ojugbana cited Amazon.com Inc. ($AMZN).

Amazon was listed on May 15, 1997, at $18 per share. According to the figures cited by Ojugbana, a $50 investment at the IPO, adjusted for subsequent stock splits, would amount to approximately 666.67 shares today.

With Amazon’s latest completed closing price of $249.27 on September 23, 2026, that initial $50 investment would be worth approximately $166,180 as of September 24, 2026.

Ojugbana, however, cautioned that past performance does not guarantee similar results from another investment.

“Of course, every investment carries risk and there is never a guarantee that one company will reproduce the performance of another,” he 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.”

He further appealed to Nigerian companies with the financial capacity to support their workers in acquiring shares in the Dangote Refinery, particularly banks, large corporations and financial institutions.

“I am calling on other companies that are in a financial position to do so to help their staff acquire Dangote Refinery IPO stock,” Ojugbana 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.”

The Farmafrik chairman also disclosed that the company intends to continue the initiative with 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 followed a public endorsement of the Dangote IPO by Ojugbana’s father, Chief F. E. Ojugbana, days earlier.

“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.”

Africans Angle News