'This is our company': Nigerians show off oil wealth after share-buying frenzy

“It is no longer Dangote but ‘Yangote’, the company belongs to us now,” he said while laughing.

But he may make a quick sale.

“I am a trader by profession and when I see that the shares have increased in price I will sell,” he noted.

Reuters

The popularity also reflects a growing investment culture among younger Nigerians who have embraced mobile trading platforms, cryptocurrencies and digital savings products.

But fear of missing out may have also pushed some to get into the investment business.

In the build-up to the IPO, social media platforms were awash with financial conversations. People shared subscription guides, debated valuation metrics and encouraged friends and family to participate.

But amid the frenzy, experts have warned that there are risks – shares can go down in value, as well as up, meaning people could lose some, or all, of their investment.