Ondo to Buy Dangote Refinery Shares for 500 Youths, Empowers 1,000 Business Owners
- Ondo State will buy Dangote Refinery IPO shares for 500 youths to expand access to capital market opportunities
- Governor Aiyedatiwa launched Lucky Light to provide solar power support for 1,000 businesses across Ondo’s 18 local government areas
- Twenty My IDEA entrepreneurs received ₦80 million in grants, mentorship and international exposure after 2,703 applications
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Ondo State Government has announced plans to purchase shares in the Dangote Petroleum Refinery for 500 youths as part of a broader initiative to encourage investment, promote entrepreneurship and expand economic opportunities across the state.
Governor Lucky Aiyedatiwa unveiled the initiative at the 2026 Ondo State Entrepreneurs Summit, held at The Dome in Akure, where more than 8,000 entrepreneurs gathered to explore emerging business opportunities.
Source: Facebook
The governor also launched the Lucky Light Initiative, an empowerment programme designed to support 1,000 entrepreneurs across the state's 18 local government areas.
500 youths to benefit from Dangote Refinery shares
Aiyedatiwa said the government would purchase shares in the Dangote Refinery's initial public offering (IPO) for 500 selected youths, allowing them to participate in the capital market.
The initiative is intended to introduce young entrepreneurs to investment opportunities beyond their existing businesses and encourage long-term financial participation.
"Aside from the 20 beneficiaries, I will purchase Dangote IPO Refinery shares for 500 youths," the governor announced.
However, the government has yet to disclose the number of shares each beneficiary will receive, the total investment involved or the criteria for selecting the 500 youths.
The announcement comes as Dangote Refinery's IPO attracts retail investors seeking ownership in the multibillion-dollar facility. The offer is priced at ₦525 per share, with a minimum subscription of 10 shares, Reuters reported.
1,000 businesses to receive solar power support
Under the Lucky Light Initiative, 1,000 small businesses will receive solar power support to reduce electricity costs and improve productivity.
The programme will be implemented in phases across Ondo's 18 local government areas, targeting entrepreneurs struggling with rising energy expenses.
Aiyedatiwa explained that the scheme is an economic intervention intended to help businesses reduce their dependence on expensive conventional power sources.
20 entrepreneurs receive ₦80 million
The governor also announced ₦80 million in grants for 20 entrepreneurs selected under the Ondo State Entrepreneurship Agency's My IDEA programme.
Each beneficiary will receive ₦4 million alongside mentorship, business development support and international exposure opportunities.
The governor's Special Adviser on Entrepreneurship, Innovation and Investment, Summy Smart Francis, disclosed that more than 2,703 applications were received before 20 successful entrepreneurs emerged following three screening stages, The Guardian reported.
Source: UGC
Aiyedatiwa urged beneficiaries to build sustainable enterprises, create employment, fulfil their tax obligations and mentor aspiring entrepreneurs.
He said the administration's broader objective was to encourage businesses to move beyond raw material production into processing, packaging, branding and exports, thereby expanding Ondo's participation in domestic and international markets.
Dangote to donate refinery shares to two million women
Read also
Chinese cement company begins massive recruitment for Nigerian distributors, lists criteria
Legit.ng earlier reported that Aliko Dangote has unveiled a major plan to help up to two million vulnerable women across Nigeria acquire shares in the Dangote Refinery.
The billionaire businessman said his foundation would partner with state governments to identify widows and other vulnerable women and support them to participate in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals Limited.
Source: Legit.ng
