LAGOS, Sept 12 – Dangote Petroleum Refinery and Petrochemicals FZE has approved 40 banks, fintech companies, mobile operators and investment platforms through which investors can subscribe for shares in its public offering.
The company published the verified list on its official IPO website and warned prospective investors against using unauthorised intermediaries.
“Only subscribe through the channels listed on this page. Do not subscribe through any channel not confirmed here,” the company said.
The approved network comprises 20 commercial banks, 17 fintech platforms, two mobile operators and NGX Invest, giving retail investors multiple channels through which to participate in the offer.
The refinery has set the offer price at ₦525 per share (roughly $0.40 at the exchange rate used around the announcement), with investors required to purchase a minimum of 10 shares, valued at ₦5,250.
Approved banks and fintech platforms
The 20 banks authorised to process subscriptions are Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus, Unity Bank, Stanbic IBTC, Sterling Bank, TAJ Bank, UBA, Union Bank, VFD, Wema Bank and Zenith Bank.
Investors can also subscribe through 17 fintech and investment platforms: Bamboo, CardinalStone, Coronation Wealth, Cowrywise, Flutterwave, InvestNaija, InvestNow, Ladder, Meritrade, Moniepoint, Paga, Payaza, PiggyVest, Revve, Vetiva Invest, we.yan and ZedCrest.
The remaining approved channels are Airtel SmartCash, MTN MoMo and NGX Invest.
The verified directory is intended to protect investors from fraudulent or unapproved intermediaries as interest in the refinery’s public offer builds.
Flutterwave opens access to diaspora investors
Among the approved platforms, Flutterwave is facilitating participation by Nigerians both within the country and abroad. The payments technology company said its infrastructure will allow retail and diaspora investors to fund subscriptions digitally through Chapel Hill Denham’s subscription platform.
Existing Flutterwave for Business and Send App users can access the subscription process through their accounts, while investors can also use the company’s web-based payment infrastructure. Flutterwave said investors can additionally access the process through Owo by Mono on WhatsApp.
For investors without an existing bank account, Flutterwave said they can be provided with a Flutterwave Microfinance Bank account through which they can fund their subscriptions.
Successful investors will have their allotted shares registered in their names with the Central Securities Clearing System (CSCS).
Flutterwave also cautioned that completing a payment does not guarantee that an investor will receive the full number of shares requested. Where shares are not allocated, the corresponding funds will be refunded according to the terms of the offer.
Refinery positions IPO as broad ownership opportunity
The broad distribution network aligns with Dangote Refinery’s positioning of the transaction as a public participation exercise. Speaking to Reuters, Chief Executive David Bird said the objective is to make ownership accessible to a wide range of investors.
“The intent is very much the people’s IPO, drive wide participation, enable Nigerians and the Nigerian diaspora, and Africans more broadly, the opportunity to participate in this wealth creation that comes from such an iconic industrial asset, like the Dangote refinery,” Bird said.
Olugbenga GB Agboola, founder and chief executive of Flutterwave, similarly described the offering as an opportunity for ordinary Nigerians to gain exposure to the refinery.
“This IPO is an opportunity for everyday Nigerians to own a stake in a significant infrastructure project that is shaping the country’s industrial future,” Agboola said.
The public offer is being promoted through Dangote Group’s official IPO platform, branded “The IPO for the People,” as the refinery seeks to broaden participation beyond traditional capital-market investors.
With 40 approved subscription channels spanning banks, fintech platforms, mobile money services and the NGX investment platform, the distribution strategy is designed to make the offering accessible across Nigeria while extending participation to Nigerians in the diaspora.
