Hummingbird HB+

23/09/2026

Dangote Refinery IPO: A Beautifully Packaged Investment Opportunity or a Deal Investors Must Examine Carefully?

Many Nigerians, including myself, have eagerly anticipated the Dangote Refinery IPO and the opportunity for Nigerians to invest in one of Africa’s biggest industrial projects.
I remember around June telling members of my church to prepare to buy Dangote shares when the opportunity came.
Now that the much-anticipated IPO is here, analysts have been speaking, and most people want to hear only the beautiful side of the offer.
I will also highlight some of those positives because they are important. However, read to the end, as I will discuss the other side that many people may not be talking about before making a decision if you have not already invested.

The side everyone wants to hear

1. Strong profitability

Dangote Refinery is currently one of the most profitable companies in Nigeria, with its half-year Profit After Tax (PAT) reported at about ₦2.55 trillion.

2. Huge market capitalisation

The company is currently the most capitalised company in Nigeria, with a valuation of about ₦65.22 trillion ($48 billion).
Some analysts believe the company could be worth about ₦80 trillion in the future.

3. Possible initial share appreciation

There are expectations among investors that the share price may experience strong appreciation after listing, with some projecting that it could rise to around ₦700 in the first week of trading.
However, beyond the excitement, investors need to ask one important question:
What exactly are we buying?

Let us examine the IPO structure

The shares of the company have been divided into 124.23 billion units, while Dangote Refinery is offering only 4.1 billion units to the public.
In other words:
4.1 billion ÷ 124.23 billion = approximately 3.3%
This means the public is being offered only about 3.3% ownership of the company, while Dangote retains about 96.7% ownership.
Yet, through this IPO, the company is expected to raise about

26/01/2026

Governor Abba Yusuf did not betray Kwankwaso. He had Kwankwaso’s full backing to move after getting what he needed (Even Wike as the FCT minister is grossly under compensated compare to Kwankwaso). He only stayed back for a while to further weaken the opposition. In reality, it was Kwankwaso who betrayed the Kwankwasiyya movement.

Atiku’s son moved to the APC with the full knowledge and backing of his father. Atiku is already positioning himself for 2031 power game and would rather negotiate with Tinubu than confront him head-on.

El-Rufai has also instructed his son to remain in the APC, having already made it clear that he will not contest any major election until 2031.

As things stand, the only candidate within the ADC who appears willing to face Tinubu in 2027 is Peter Obi. Tinubu will pay any price necessary to ensure that Obi does not secure that ticket.

Eventually, Atiku will most likely get the ticket, but he will not put up any serious fight. Kwankwaso will fade into irrelevance and then return back to APC after 2027. El-Rufai will continue with empty rhetoric but will also wait till 2031. Peter Obi will not be on the ADC ballot, not if Tinubu is alive.

Tinubu is a political institution. Even Awolowo would have considered himself fortunate to learn from this political school. Any living politician who believes he can defeat Tinubu in 2027 needs a psychiatric evaluation.

The APC is a cancer we have learned to manage. They came to win, to steal, and to destroy.

18/12/2025

"We strongly reject any plan by Nigeria's Minister of Defence, Christopher Musa, to wage war against Fulani Bandits. He must understand that he is now a political office holder, not a battle field soldier, and therefore has a duty to listen to the people.

We do not support a full-scale military campaign against Fulani bandits. What we demand is dialogue and non-violent solutions, not endless warfare. Any insistence on military confrontation will untimely fail.

We have firsthand experience. We have entered forests where bandit leaders are located, engaged directly, and witnessed the devastation caused by military operations and vigilante groups (YAN BANGA). In reality these bandits are themselves as freedom fighters"

- Prof Usman Yusuf

17/12/2025

Elon Musk is now worth over 600 Billion US dollars and there are 8 billion people on earth.
If he gives everyone 1 Billion dollar each for Christmas he would still have 598 billion dollars left!

01/07/2024

01/07/2024

01/06/2024

An activist or a law breaker..

07/01/2023

Judge not by color

21/10/2022

Insightful 👌