In a shift away from traditional political hand-outs, former Lagos Island Local Government chairmanship aspirant, Hon. Biodun Coker, has distributed 10,000 shares in Dangote Petroleum Refinery to over 600 residents and grassroots members of the All Progressives Congress (APC) within the council.
The initiative, designed to provide long-term financial security rather than short-term relief by the APC chieftain, empowers local artisans, market women, and party faithful to become part-owners of one of Africa’s largest industrial ventures.
Each beneficiary received a minimum of 10 shares, fully paid for by Coker, alongside financial onboarding supported by financial services firm CFG Africa.
Addressing the beneficiaries on Saturday in Lagos Island, Coker explained that the move was inspired by industrialist, Aliko Dangote’s vision for a “People’s IPO,” which aims to democratize wealth creation by offering ordinary citizens a stake in the refinery.
“When I listened to Alhaji Dangote speak about the IPO being for ordinary Nigerians—where with as little as ₦5,250 anyone could own 10 shares—I looked at our people on Lagos Island.
“The core of our community is at that level. I asked myself: Can we rethink empowerment? Can we actually invest in our people so they can start a real investment journey?”
Coker also framed the program as an answer to calls within the ruling party to overhaul its internal welfare system, citing advice previously raised by former Lagos State Governor, Babatunde Fashola, regarding sustainable rewards for party members.
Addressing skepticism surrounding conventional political welfare programs, Coker noted that many advised him to stick to traditional palliatives.
“Some people told me our people only want a bag of rice or ₦2,000 cash,” he stated. “I said no. I am looking at how we can ensure our people build wealth they can be proud of, investments that yield long-term returns for their families.”
To ensure long-term viability, the program integrated a dedicated financial literacy workshop aimed at guiding beneficiaries on portfolio management, dividend expectations, and further investment strategies.
He emphasized that economic reforms undertaken by President Bola Tinubu must translate directly into tangible, long-term prosperity at the grassroots level.
“Reforms cannot just be reforms; they must lead to growth and fulfillment. All the shares distributed today have been fully paid for. The investment is signed, sealed, and handed over to the beneficiaries. It is about securing their future, not just today.”