Ondo State Government to Invest in Dangote Refinery Shares

The Ondo State Government has announced its intention to purchase shares in the Dangote Petroleum Refinery for 500 selected youths, aiming to foster investment and entrepreneurship within the state. This initiative was unveiled by Governor Aiyedatiwa at the 2026 Ondo State Entrepreneurs Summit in Akure, attended by over 8,000 entrepreneurs.

The government has not yet disclosed the number of shares each beneficiary will receive, the total investment amount, or the selection criteria for the youths. The Dangote Refinery's initial public offering (IPO) is priced at ₦525 per share, with a minimum subscription of 10 shares.

Additionally, the Lucky Light Initiative will empower 1,000 small businesses by providing solar power support to alleviate rising electricity costs. Aiyedatiwa also announced ₦80 million in grants for 20 entrepreneurs under the My IDEA programme, with each receiving ₦4 million along with mentorship and business development support.

The governor emphasized the need for businesses to transition from raw material production to processing and branding.